The NBA's labor deal has expired, and the league and its team owners has locked out its players for the first time since the 1998 Summer and Fall.

The collective bargaining agreement, which owners are claiming cost them millions of dollars a year, ended at midnight Friday after players and owners failed to reach a new deal.

Despite meeting Thursday and a final proposal from the players, the sides could not could close the gap that remained in their positions.

Teams are prohibited from having any contact with their players and they can be fined for up to $1 million.