The Women's National Basketball Association and its Players Association are inching closer to a collective bargaining agreement, now two days past their self-imposed deadline.
The parties have been meeting around the clock at a midtown hotel in New York City, with negotiations stretching into the late morning hours to hammer out a deal, according to a person familiar with the process, who was not authorized to speak publicly. In the last 48 hours, there have been eight proposals exchanged between both sides addressing nearly every issue up for discussion, the person said.
The negotiations come as women's sports have seen major financial growth from bigger media deals and strong demand.
The WNBA previously said the new CBA would need to be in place by March 10 in order to start their season on time. Negotiations between continued Thursday. It's unclear what the delay will mean for the scheduled season start.
WNBPA President Nneka Ogwumike told reporters late Wednesday that players are "feeling movement" in the talks. The Players Association said it has been and will continue to be fully engaged in the negotiations.
"We want to play. We've heard that from the other side as well," Ogwumike told reporters.
The latest league proposal included increases in nearly every category, according to a copy of the details obtained by CNBC.
According to the proposal, the league is offering a salary cap four times higher than the current cap â at $6.2 million up from the existing cap of $1.5 million. That cap would grow annually with team and league revenue growth, per the proposal.
Average salaries would also see a major increase, starting at $570,000 in year one and growing to $850,000 in year six. The current average player salary in the league is about $120,000, according to a source familiar with the current CBA.
The proposal includes maximum salaries exceeding $1.3 million growing to nearly $2 million. The current maximum contract under the existing CBA is just under $250,000, the source added.
The sides are still at odds over revenue sharing, however, according to the person familiar.
The latest proposal from the league includes a new uncapped revenue sharing system that is tied to both league and team revenues, according to the version obtained by CNBC. It no longer includes minimum thresholds for sharing to be triggered.
The league is also offering new minimum standards for facility upgrades such as locker rooms, weight rooms and treatment areas, as well as charter flight and first class travel amenities for all league events and increased performance bonuses.
The WNBA season is set to kick off Friday, May 8, and the draft is scheduled for April 13.
