NEW YORK – Negotiations between NBA players and the league broke down Friday and NBA commissioner David Stern has now officially canceled games through Nov. 30.

Stern told ESPN.com that playing a full 82-game season is "not possible, practical or prudent," making a lockout-shortened season official. 

Both sides have made progress this week, but the major roadblock remains the Basketball Related Income split—as the owners still want the revenue to be split 50-50 while the players won't go lower than 52. In the previous collective bargaining agreement that expired in July, players were guaranteed 57 percent.

Friday marked the 120th day of the lockout and while many thought that the progress made on the salary cap issues would lead to an agreement to end the lockout, those hopes quickly vanished and as of late Friday afternoon no more meetings have been scheduled.

Both sides met for 7½ hours Thursday following a 15-hour marathon of negotiations on Wednesday. Though no specifics have been offered, they both said there had been some compromise on system issues.

The first two weeks of the regular season have already been canceled. Some say an 82 game season is still possible, but with the talks stalling again Friday it makes a full season schedule look dim.