Despite 12-hour meeting, no deal reached in NBA lockout

(CNN) -- NBA players and owners did not reach a deal early Thursday on the bitter labor struggle that has postponed the basketball season, but the two sides agreed to meet again later in the day to continue with the negotiations.

NBA commissioner David Stern had said that players had until 5 p.m. Wednesday to accept the terms of a labor offer that would give players between 49% and 51% of basketball revenues. If it didn't accept the deal, the NBA would offer another proposal that would offer players 47% of basketball revenues.

Stern said he had frozen that deadline to allow negotiations to continue.

"Every day that we lose another game it causes both sides to recognize the damage," Stern told reporters.

 Is the entire NBA season in jeopardy?

Both sides met for about 12 hours Wednesday and early Thursday morning.

"We spent a lot of time covering all of the issues that we still have remaining, but we can't say there was significant progress made today," Fisher said.

The NBA season has been canceled through at least November 30, and the two sides are hoping they can reach a resolution before more games are called off.

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.

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

By Lateef Mungin, CNN