[Arch]

NEW YORK -- The NBA has canceled the remainder of the preseason and will wipe out the first two weeks of the regular season if there is no labor agreement by Monday.
-----------
The players, who received 57 percent of basketball-related income in the last year of the expired agreement, said they made a new proposal of 53 percent of BRI on Tuesday -- a concession which they said would have given owners back more than $1 billion over six years.

According to the players, the owners countered with 47 percent, a slight increase from the 46 percent they had previously offered.

When the owners offered 47 percent, "that pretty much ended (the meeting)," executive director Billy Hunter said.
------------
The players felt they had given enough on economics, with Hunter saying their 53 percent offer would have translated to at least $200 million per season -- a sizable chunk of the $300 million owners said they lost last season.

http://espn.go.com/nba/story/_/id/70...vid-stern-says