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.

Commissioner David Stern and Deputy Commissioner Adam Silver made the announcement after owners and players met for about four hours Tuesday but came no closer to an agreement.

Stern says: “We were not able to make the progress that we hoped we could make and we were not able to continue the negotiations.”

No further meetings are scheduled.

Copyright 2011 The Associated Press.

 

Brian Mahoney

AP Basketball Writer