Despite meeting for nearly 12 hours Wednesday, the NBA players union and owners were unable to reach a deal to end the lockout.
NBA commissioner David Stern said "nothing was decided today," but both sides will return to the bargaining table on Thursday.
Stern gave the players union until 5 p.m. Wednesday to accept a deal that would give players between 49% and 51% of basketball revenues. If it didn't accept the offer, the NBA would offer another proposal that would offer players 47% of basketball revenues.
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.
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