It’s official. The first two weeks of the 2011-2012 NBA season have been cancelled due to the lack of progression between the owners and the player’s union.

NBA Deputy Commissioner Adam Silver met with team negotiators and the players on Sunday and Monday in New York.

“Despite extensive efforts, we have not been able to reach a new agreement with the players' union that allows all 30 teams to be able to compete for a championship while fairly compensating our players,” cited Silver in a statement.

The delay marks the league’s first since the 1998-1999 shortened season.

The main problem lies in revenue division. The owners offered a 50-50 split in profits—marking a 7% decrease on the player’s side.

Reports say that players are not willing to go under 53 percent.

According to Los Angeles point guard Derek Fisher, who represents the players, they’re ready to get back to work under a fair deal.