Story highlights The Player's Association says owners are more dug in than in the past

The commissioner says the sides are far apart, and no new talks are scheduled

The league's owners began a lockout of its players in early July

Sides are deadlocked over salaries, revenue sharing

The first two weeks of the NBA's regular season have been canceled, as basketball players and management have yet to reach a deal on a new labor agreement, Commissioner David Stern announced, according to NBA.com.

The two sides remain far apart, Stern said from the NBA meetings. He added that no further talks are scheduled.

Derek Fisher, the president of the NBA Player's Association, said the entire season may be in jeopardy. And the association's executive director, Billy Hunter, said the owners are more dug in than in the past.

The commissioner had warned last week that such a cancellation may well be coming, at which time Los Angeles Lakers' guard and NBA Players Association President Derek Fisher acknowledged the stakes.

"We know our backs are against the wall in terms of regular season games and what those consequences will be," he said then.

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The league's owners began a lockout of its players in early July.

Stern has said that last season was not profitable for most of the league's 30 owners, who want cost-cutting help from players.

The league lost as much as $300 million in the 2010-11 season, according to the commissioner.

Less than a week ago, the NBA canceled its preseason, which meant the loss of about $200 million in revenue, Stern said.

One of the battles has focused on the owners' rejection of the players union's call for an average $7 million player salary in the sixth year of a new labor deal.

The current average salary is about $5 million.

Other big issues include a fight over a move by owners to get a bigger share of revenues and whether the NBA will strengthen its salary cap.

The last work stoppage occurred in 1998.