The NBA has finally come to the reality that no one wanted to face: the cancellation of regular season games.

“We certainly hoped it would never come to this,” says Commissioner David Stern. “I think that both sides worked hard to get to a better solution. We think that we made very fair proposals. I’m sure the players think the same thing. But the gap is so significant that we just can’t bridge it at this time.”

Related: Top 10 NBA Lockout Fails

Stern warned players and owners several weeks ago that he would cut the start of the season if they did not reach a collective decision. As a result, more than 100 games have been wiped from the schedule after negotiations failed Monday.

This will be the first work stoppage since the 1998-1999 season that was reduced to 50 games.

The 100-game cancellation puts the NBA at an $83 million dollar lose, not including what would be made from souvenirs, concessions and other forms of income. This is nothing compared to what the league stands to lose if they stay locked out.  Billy Hunter, executive director, estimates player’s losses at $350 million for every month that this continues. Not to mention, losses by referees, staff, fans and cities as a whole.

Union president and Los Angeles Laker Derek Fisher emphasized in his statement that it was the owners that were hold up this season’s play.

“This is not where we choose to be. We’re not at a place where a fair deal can be reached with the NBA,” he said.

With news of the cancellation, some players took to Twitter to express their feelings; Miami Heat star Dwyane Wade responded to the decision by saying “LET US PLAY. #StandUnited”.

Insiders and analysts don’t forsee the whole season being lost, but Stern threatens that if negotiations aren’t met, more games will be cut.

“With every day that goes by, I think we need to look at further reductions in what’s left of the season,” he says.

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