11/09/2011 11:13 EST | Updated 01/09/2012 05:12 EST

Person familiar with plans: NBA players and owners will meet Wednesday afternoon

NEW YORK, N.Y. - As Commissioner David Stern's deadline passed, the NBA and its players continued negotiating Wednesday in an attempt to end the lockout.

The two sides met for more than 10 hours to try to hash out a deal to save the season.

Stern had issued an ultimatum to players: Accept the league's latest proposal by 5 p.m. ET Wednesday or it will be replaced with a much harsher one that would drive the sides even farther apart.

Players said Tuesday they wouldn't accept the current one as configured and suggested another negotiation session.

The current offer calls for players to receive between 49 per cent and 51 per cent of basketball-related income, though union officials said it would be impossible to get above 50.2 per cent. Players were guaranteed 57 per cent of BRI under the previous collective bargaining agreement.

The next proposal would call for a 53-47 revenue split in the owners' favour, essentially a hard salary cap and salary rollbacks, which the league originally sought but had taken off the table. Both proposals were sent to union executive director Billy Hunter on Sunday.

The meeting featuring small groups from both sides was arranged Wednesday morning.

Failure to make a deal likely would increase the calls for the union to decertify so the players can file a lawsuit against the league in court, a risky and lengthy tactic that likely would doom the 2011-12 season. Union officials have downplayed the idea, but players might have no other leverage once the more severe proposal is put into play.

Stern and Deputy Commissioner Adam Silver were joined Wednesday by Spurs owner Peter Holt, the chairman of the labour relations committee, and lawyers Rick Buchanan and Dan Rube. Besides Hunter and president Derek Fisher, vice-presidents Roger Mason Jr. and Maurice Evans, economist Kevin Murphy and lawyer Jeffrey Kessler represented the union.

Kessler took part just hours after saying he regretted telling the Washington Post that owners are treating players like "plantation workers" during the ongoing lockout. He said he planned to call Stern and apologize.

Besides the revenue split, the sides still are divided on elements of the salary cap system, mostly relating to the spending rules for teams that are over the luxury tax level. Players want those teams to remain options for free agents, whereas the league thinks talent would be more evenly distributed throughout the league if payrolls were more balanced.

Players indicated after their meeting Tuesday that they would be open to reducing their BRI take if owners made some changes on the system issues. Players offered to go to about 51 per cent Saturday, with 1 per cent going into a fund for retired player benefits.

But the league has placed as much importance on the system as the split, making it difficult to find compromise on the handful of items that remain unsettled. Owners believe there won't be the competitive balance they desire until payrolls are more equally balanced.

A month of games already has been cancelled. Hunter said Tuesday he had heard Stern also planned to cancel games through Christmas without a deal Wednesday, though Stern later told NBA TV that "we have made no such plans, and we have had no such discussions."