NBA season likely to be canceled, players say
updated 2:32 PM EST, Mon November 14, 2011
(CNN) -- NBA players said Monday they had rejected the league's latest offer and are beginning the process to disband the union.
The decision likely jeopardizes the season, they say. The NBA had already canceled games through December 15.
Team owners locked out players in early July as the two sides tried to hammer out a new agreement. League Commissioner David Stern has said the previous season was not profitable for most of the league's 30 owners, who are seeking a bigger share of league revenues.
In addition to the revenue issue, points of contention in the negotiations include the owners' plan to strengthen a salary cap and the players' demand to raise the average salary.
