08/23/2012 12:14 EDT | Updated 10/23/2012 05:12 EDT

Bettman says labour talks will not progress without solving key financial issues

TORONTO - NHL commissioner Gary Bettman says the only way to make progress in ongoing labour talks is to solve the "fundamental economic issues."

Bettman says the two sides remain far apart on those key financial elements.

His comments come after the latest bargaining session between the league and the NHL Players' Association.

Bettman says he and deputy commissioner Bill Daly will sit down with players' association executive director Donald Fehr and his brother Steve Fehr, the union's No. 2 man, in a small group session Tuesday.

The four executives also met Wednesday to discuss a way to move forward in the talks.

After that meeting, an afternoon bargaining session was cancelled.

The current collective agreement is set to expire Sept. 15 when the NHL says it will lock out the players if a new deal hasn't been reached.