Tuesday's round NBA labor talks concluded shortly after 5:30 PM EST.
Sources told Chris Broussard of ESPN that "a little progress" was made and that the two sides "still have a long way to go."
Derek Fisher addressed the media, surrounded by Kobe Bryant, Kevin Garnett, Roger Mason, Paul Pierce, Keyon Dooling, Mo Evans and Theo Ratliff.
"Today was not the day to get this done," said Fisher. "Not able to get close enough to close the game."
Fisher said he anticipates the remainder of the preseason to be canceled and the start of regular season is "in jeopardy".
Sources also tell Broussard that no further meetings have been scheduled.
Fisher said the players offered to drop their percentage of basketball-related income to 53 percent.
The NBPA was "informed that we're not close enough on the economics to close the gap," said Fisher.
Fisher said the most recent offer from the owners was at 47 percent.
"As of this moment, we've broken off the negotiations," said Billy Hunter
David Stern addressed the media following Tuesday's meeting and talked about coming off a hard cap, no rollbacks of existing salaries, players can opt-out after seven years.
Stern said that the owners informally asked if the players would be willing to entertain a 50-50 split of BRI on a conceptual level.
The players said that it would not be something they were comfortable considering.
"We want the dignity and luxury of being at the 47 against their 53," said Stern.