Adam Silver and Peter Holt addressed the media following Thursday's labor meeting.

"We'd like to thank George Cohen," said Silver. "We appreciated their counsel. They kept us together for the last three days."

Silver confirmed that talks have broken off.

"We understand the ramifications of where we are. We are saddened on behalf of the game. We don't take anything we do light at all. We have certain core beliefs that are necessary to achieve before we play NBA basketball."

"We have no further negotiations scheduled."