The National Basketball Association (NBA), locked in a labour dispute with its players, has cancelled the first two weeks of the regular season, NBA commissioner David Stern said on Monday.

The decision was made after league owners and players were unable to reach agreement on a new collective bargaining agreement in a last-ditch meeting in New York.

The season was scheduled to start on Nov. 1 and the abandonment covers all games originally scheduled to be played through to Nov. 14.

"Despite extensive efforts, we have not been able to reach a new agreement with the players' union that allows all 30 teams to be able to compete for a championship while fairly compensating our players," NBA deputy commissioner Adam Silver said in a statement.

The league said refunds plus interest were available for all NBA season-ticket holders for all pre-season and regular-season games that were cancelled.

Among the games that have gone is the planned opening day that would have pitted the champions, the Dallas Mavericks, at home to the Chicago Bulls and the Oklahoma City Thunder at the L.A. Lakers.

NBA owners contend the league lost $300 million last season with 22 of 30 teams in the red. They had wanted the league's share of basketball-related income increased from 50 to 57 percent, along with a firm salary cap and shorter contracts.

The players had offered to reduce their share from 57 to 53 percent. The league has said owners were willing to discuss a 50-50 split.