NBA Deputy Commissioner Adam Silver, left, and Commissioner David Stern speak at a press conference earlier this month.

Story highlights

The cancellation is due to an inability to reach a new collective bargaining agreement

NBA remains "committed" to reaching a deal, the deputy commissioner says

The players have been locked out since early July

CNN  — 

The NBA and the National Basketball Players’ Association will meet this weekend to resume talks over a new collective bargaining agreement, a players’ union representative said.

“We share the frustrations of our fans, partners, and those who rely on our game for their livelihoods,” NBA Deputy Commissioner Adam Silver said in a press release announcing the cancellation on October 28.

NBA commissioner David Stern has said the 2010-2011 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 last season, according to Stern.

One of the battles has focused on the owners’ rejection of calls by the players’ union 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.

“We remain committed to reaching an agreement that’s fair for both the teams and the players and allows for the long-term growth of our game,” Silver said Friday.

The league’s owners began a lockout of players in early July.