By Chris Mannix
October 05, 2011

After Tuesday's four-hour labor meeting in New York in which NBA players and owners failed again to reach a deal, union president Derek Fisher and executive director Billy Hunter sent a letter to all players updating them on the situation.

In their latest proposal, players offered to take a 52.4 percent share of basketball-related income, but as SI.com reported late Tuesday, the league suggested a 50-50 split. The union refused -- and it explains why in Wednesday's memo. Here's the full letter in PDF form.

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