The Wizards have issued a letter to their season ticket holders, explaining their plans to reimburse fans for games lost because of the NBA lockout. The NBA and its players’ union have been unable to negotiate a new collective bargaining agreement, which has resulted in the cancellation of the entire preseason.

The lockout has already wiped out two home preseason games at Verizon Center against the New York Knicks and the defending champion Dallas Mavericks. And NBA commissioner David Stern said that the league would cancel the first two weeks of the regular season if the two sides can’t reach an agreement by Monday. The Wizards have six home games in November.

In a letter obtained by The Washington Post, the team plans to refund season ticket holders for any games lost -- and include interest at an annual rate of 1 percent spread out over each month. Refunds would be paid based on the total number of games lost each month. Fans will receive the total value of the tickets for the two lost preseason games by Nov. 14.

The team is also continuing its three-year price freeze to keep season tickets purchased for the upcoming season at the same level through the 2013-14 season.

“[We] want to once again assure you that the league’s efforts are focused on reaching an agreement so that you can get back to enjoying the excitement of NBA basketball,” the letter reads. “Most importantly, we recognize that our season-ticket holders are the lifeblood of the Wizards organization. We are continually motivated by your loyalty and passionate support.”