Bad news for basketball fans!
Thanks to the lockout, the NBA has cancelled the first two weeks of the season.
Commissioner David Stern announced on Monday that basketball players and management have yet to reach a deal on a new labor agreement, which stemmed from the league's $300 million loss in the 2010-11 season.
If making money is there goal, not having a season isn't helping. Stern reported that that NBA already lost $200 million in revenue just from canceling the preseason!
Yikes! Players and owners are battling over salaries and revenue shares, but without a season there won't be any revenue for anybody!
[Image via AP Images.]
Tags: basketball, commissioner, david stern, lockout, money, nba, nba lockout, preseason, revenue, salaries, season