Continued NBA Lockout a Big Blow to Memphis

MEMPHIS, Tenn. - The NBA season, which was set to begin on November 1st, will not start on time, if at all. After two days of negotiations, team owners and players were unable to reach a collective bargaining agreement. So what does that mean for Grizz Nation?

Grizzlies employees, downtown vendors and fans all want to know when the league will begin play. The cancellation of games comes at the worse possible time for the hometown team after making a deep and exciting run into the NBA Playoffs last season.

The team and their fans were hoping to ride that momentum into this season with the return of star player Rudy Gay, who missed the NBA Playoffs due to injury.

So what's the holdup? It's the on-going, some say "half-hearted" effort by the players and the owners to agree on a labor deal.

NBA Commissioner David Stern stated, "I'm sorry to report, particularly for the thousands of people that depend on our industry for their livelihood, that the first two weeks of the season have been cancelled."

"This is a big blow, obviously, to our fans most importantly," said Derek Fisher, NBA Players Association President. "You know, they don't have a voice in this fight so far, but we hear them loud and clearly -- that they want basketball, we want to play basketball."

Formal talks have been scheduled, but for the entire pre-season and at least the first two weeks of the regular season, there will be no pro basketball at the FedExForum.

When the Grizzlies play in Memphis it is big business. Hotels, bars and restaurants make big bucks. According to a 2010 study for the Greater Memphis Chamber, the team's economic impact on Memphis is $223 million a year from people spending money at and around the games. The team also supports more than 1,500 jobs. And, Memphis and Shelby County collects $5.2 million a year from the Grizzlies.

As for people who bought season tickets, they have two options. They can keep an account with the team and get 5 percent interest as games are cancelled. Or, season ticket holders can ask for a full refund for games missed and they'll get their money, plus one-percent interest at the end of each month, as games are cancelled.