In the wake of NBA lockout talks that broke off on Tuesday, commissioner David Stern told the media that he is cancelling the remainder of the preseason schedule and that if a deal isn't reached by Monday, he will cancel the first two weeks of the regular season. The NBA and players' union have no further meetings scheduled.
Stern claimed that the owners offered players a 50-50 split of revenue, and pulled proposals to roll back existing player contracts and institute a hard cap off of the table, but that the union rejected the offer. Earlier, National Basketball Players Association director Billy Hunter said that the league's proposal actually removed $350 million in revenue from the equation before splitting the kitty down the middle, effectively creating a 53 percent share for owners under the previous definition of basketball-related income.
The NBA had already cancelled preseason games through October 15. It's widely accepted that the league needs about a month to get regular season games going after a handshake deal is reached.