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NBA Lockout 2011: Negotiations Dealt A "Major Setback" Thursday Evening

Reports from New York indicate that talks have broken down between the players and owners. The two sides are in disagreement over how to split Basketball Related Income.

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Just when it looked like things were heading in the right direction, negotiations between the NBA's owners and its players took a "major setback" Thursday night, according to a tweet from Yahoo!'s Adrian Wojnarowski.

A source told him that labor talks have ended for the evening and that there are no new meetings scheduled for in the future. According to the report, discussion over how to split the league's Basketball Related Income (BRI) broke down after it was thought earlier that the two sides were moving toward a 50-50 split.

This ends three long days of negotiations, presided over by federal mediator George Cohen, that had a number of fans hopeful progress might be made toward ending the lockout. The league has already canceled the first two weeks of its regular season, and commissioner David Stern said last week that if a deal wasn't struck this week, the NBA would probably not return until after Christmas.

Check back here soon for reactions from owners and players as the story develops.