The first two weeks of the NBA's regular season were canceled yesterday after basketball players and management failed to reach a deal on a new labor agreement. Less than a week ago, the NBA canceled its preseason, which meant the loss of about $200 million in revenue.
The league's owners began a lockout of its players in early July, saying that last season was not profitable for most of the owners and that the league lost as much as $300 million in the 2010-11 season. The owners want cost-cutting from players, while the players union is calling for an average $7 million player salary in the sixth year of a new labor deal.
Chris Broussard, senior NBA writer for ESPN the magazine, sits down with Carol Costello today on American Morning to explain what is keeping the owners and the players from reaching an agreement and to weigh in on when fans can expect a deal.