NEW YORK (CBS/AP) -- NBA owners and players have ended negotiations for the day after meeting for about six hours. Both sides had pointed toward Friday as the day they hoped to close the gap on the finances. Owners are insistent on a 50-50 split of revenues, while players last formally proposed they get 52.5 percent, leaving them about $100 million apart annually. Players were guaranteed 57 percent in the previous collective bargaining agreement. The sides met for 7 1/2 hours Thursday following a 15-hour marathon the previous day. Without a deal, Stern will make an announcement to decide whether to add more cancellations to the two weeks that have already been lost.
NEW YORK, NY - OCTOBER 20: Billy Hunter (C), Executive Director of the National Basketball Players Association, and Derek Fisher (L), President of the National Basketball Players Association speak at a press conference after NBA labor negotiations at Sheraton New York Hotel & Towers on October 20, 2011 in New York City. Hunter announced that talks have broken down and no further meetings are scheduled. (Photo by Patrick McDermott/Getty Images)