NBA commissioner David Stern said there was no hopeful news for fans after a two-hour meeting with players union leaders late Monday, the first talks since club owners locked out players one month ago.

It was the first session featuring Stern, NBA players association executive director Billy Hunter and union president Derek Fisher, who plays for the Los Angeles Lakers since the lockout began after the old deal expired on June 30.

More talks are planned this month as the sides try to make a deal over the next three months before a scheduled November 1 start to the upcoming season.

Stern said he was not “optimistic about the players’ willingness to engage in a serious way” about issues that he claims led to $300 million in losses for the league last year with only eight clubs turning a profit.

The work stoppage is the first NBA shutdown since the 1998-99 season was slashed to 50 games per team and has prompted some players to make deals with European clubs for next season, such as New Jersey’s Deron Williams signing with Turkey’s Besiktas.

Unlike the recently ended NFL lockout, where sides were trying to divide $9.3 billion in revenues from America’s most popular spectator sport, the NBA shutdown has many people fearing an entire season might be lost.

NBA players and owners split $4.3 billion in total revenues, but owners seek a bigger chunk of the money and players have responded with an offer that Stern rejected, saying it would boost the average salary to $7 million in six years.

Players argue that many of the losses for NBA club owners stem from the borrowing they did to purchase the clubs, and since players do not make money when teams are sold, they should not be punished for owners’ interest payments.