Originally posted on Fang Faction  |  Last updated 9/12/12

GLENDALE, AZ - APRIL 14: NHL commissioner Gary Bettman speaks during a press conference before Game One of the Western Conference Quarterfinals between the Detroit Red Wings and the Phoenix Coyotes during the 2010 NHL Stanley Cup Playoffs at Jobing.com Arena on April 14, 2010 in Glendale, Arizona. (Photo by Christian Petersen/Getty Images)

After three hours of negotiations, the National Hockey League and National Hockey Players' Association both gave each other proposals Wednesday.

The NHLPA gave their proposal to the NHL at the start of the meeting in New York City Wednesday morning. In this proposal, the Union are willing to extend the length of the contract from four years, like their first proposal on August 14, to five years.

Also, Don Fehr said that in their proposal, the PA are looking to get 51% of all revenues in the NHL. "Our offer today would save the owners $900 million," said Fehr.

According to Gino Reda of TSN, the players aren't willing to take a smaller share of money, but not less money. What that means is, as more revenue is generated and made in the NHL, they will still get the same money they made last season towards next season.

Gary Bettman didn't like the deal and had this to say about it, "The players proposal was not much different and was not acceptable."

Not too much revealed as of now what the NHLPA proposed to the NHL in the morning, but more should come soon. 

Gary Bettman, Bill Daly, the owners and the rest of the NHL crew also gave the Union a proposal Wednesday that they feel very strong about. "We made clear in presenting the proposal that this proposal was intended to lead to a deal before the weekend, before the expiration of the current Collective Bargaining Agreement, and that if in fact a deal was not achievable what we had proposed would be off the table," said NHL commissioner Bettman.

The NHL proposed that instead of a drop in hockey related revenues to 47% in the first season, it would drop to just 49%, which would mean the NHLPA's HRR would drop 8%. After the first season, it would go back to 47%. However, Fehr will not like that too much.

Bettman also said that they were going to give the Union an extra $250 million - $300 million on top of the $460 million given to them in their last proposal.

They are still far apart, it seems. Hopefully meetings continue in the next few days before "the bell tolls". 

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