The latest round of negotiations ended on Thursday with no deal, and it’s going to cost the league at least part of the preseason.

The NBA is expected to announce Friday it will postpone the start of training camp and the opening slate of exhibition games after a negotiating session Thursday in New York between players union executive director Billy Hunter and commissioner David Stern ended without a labor agreement or progress toward one soon, league sources said.

Stern, according to one source, told Hunter in Thursday’s meeting the owners want to reduce the players’ cut of basketball-related revenue to a figure well below 50 percent. Under the previous agreement, which expired July 1, the players were guaranteed a minimum of 57 percent of basketball-related revenue would be spent on salaries.

The league offered players a 46 percent of basketball-related revenue, 11 percent less than they received in last deal and seven percent less than last proposal by players, a league source said. Owners agreed to try to come up with a mechanism to solve their issues without adding a hard salary cap before the next meeting, according to the source.

Stern acknowledged Thursday that “the calendar is not our friend” when it comes to keeping the NBA season intact.

Wow, 46 percent? I thought the two sides were at least in the same ballpark on the economics even if they couldn’t agree on which type of salary cap (hard or soft) to use.