The 2011-2012 season is in danger of being canceled in its entirety. “We want to give the Union (of players) enough time to consider our newest offering, and we hope that they will accept it,” said NBA Commissioner David Stern.
However, the players did not accept the offer after more than eight hours of negotiations. “Today was another sad day for the fans, for facility workers, our parking attendants, our suppliers. It’s a very frustrating sad day,” said Derek Fisher, president of the union. “We, of course, unequivocally, made good faith efforts to try to reach an agreement tonight. And it was a waste of time because we could not close a deal,” he added.
The owners had offered to share the profits 50-50% while the players, who received 57% in the previous contract, were not willing to accept less than 52.5%. (income difference represents $100 million annually). Players say their proposed 52.5% would benefit the owners with enough money to avoid losses.