(CNN) -- Labor talks between NBA players and owners broke off late Thursday.
No further negotiations are scheduled between the sides, which are deadlocked over revenue sharing and salaries.
With the first two weeks of the regular season already canceled, the pressure is on to resolve the labor impasse.
"We were unable to bridge the gap that separates the two parties and at this time we have no further discussions scheduled with the union," NBA Deputy Commissioner Adam Silver told reporters.
NBA Commissioner David Stern was not at Thursday's mediation sessions because he has the flu.
Stern has said that last season was not profitable for most of the league's 30 owners, who want cost-cutting help from players. The league lost as much as $300 million in the 2010-11 season, he has said.
One of the battles has focused on the owners' rejection of the players union's call for an average $7 million player salary in the sixth year of a new labor deal. The current average salary is about $5 million.
Other big issues include a fight over a move by owners to gain the bigger share of revenues and whether the NBA will strengthen its salary cap.
The league's owners began a lockout of players in early July.
"First and foremost, we make to make sure that our fans understand this is not a very happy day for us," Derek Fisher, president of the NBA Players Association, said soon after talks broke off. "There are a lot of people's livelihoods at stake."
CNN's Joe Sutton contributed to this report.