LIVE: Follow labor talks in New York

6:03 p.m. ET: Donald Fehr's press conference ends.

5:59 p.m. ET: Fehr said he didn’t expect details of the league’s counter-offer to be leaked, and he thought he would be able to discuss it with the players before talking to the media.

He also said that there was some improvement in hockey-related revenue today but they don’t see the higher-revenue teams helping the lower-revenue teams enough in the latest proposal. They also don't see any of the revenue sharing coming from anywhere other than players' wages.

Fehr added, “I would like to remind everybody that a lockout is a choice.”

On today’s NHLPA offer, Fehr said it was five years in length and eliminated the 57 percent of hockey-related revenue they wanted in the last season. He added that the NHLPA’s offer would save the owners $900 million.

5:41 p.m. ET: Fehr confirmed the league's latest offer starts the players at 49 percent and phases them to 47 percent. He said it is still not an offer that interests players whatsoever given the drop from the current 57 percent.

5:34 p.m. ET: Fehr is about to address the media.

5:28 p.m. ET: The NHLPA press conference scheduled for 5 p.m. ET has not started yet.

4:12 p.m. ET: Fehr to address the media again at 5 p.m. ET in advance of the player meetings.

3:28 p.m. ET: The NHL's counterproposal was six years in length and offered to start the players' share at 49 percent of hockey-related revenue and end it at 47 percent at the end of the term. (Their previous proposal was 46 percent.) This proposal also did not change the definition of hockey-related revenue as the last one did.

3:05 p.m. ET: Gary Bettman said under the league's new proposal, players would pay 9.7 percent escrow in Year 1 under their projections.

Bettman added that the union's proposal was "not really much different" than the last one, while the league made "significant movement."

Asked about the possibility of the season being lost, Bettman said: "I certainly wouldn't want that to happen. No one wants that to happen."

2:55 p.m. ET: Bettman said the league told the NHLPA today that some elements they offered in their counterproposal will be off the table come expiry of the CBA on Saturday night.

2:50 p.m. ET: Both sides will take time to consider respective proposals. No future meetings are scheduled, but they'll be in touch.

2:44 p.m. ET: Fehr added that the union's proposal was consistent with their core principals. The proposal was on the core economic issues because there is such a significant gap on those issues that they are putting the secondary issues on the back burner.

2:35 p.m. ET: Fehr addresses media, confirming the NHLPA made a new proposal today and that the NHL made a counterproposal. He said it is too early to tell if progress was made.

2:28 p.m. ET: The NHLPA made an offer and the NHL made a counterproposal, a source told ESPN.com's Pierre LeBrun.

1:48 p.m. ET: The two sides have been talking for more than two hours now.

1:41 p.m. ET: The feeling on the NHLPA side is that they would only roll out a new proposal today depending on how well they meeting went.

1:14 p.m. ET: NHLPA expecting as many as 275 players at meetings today and tomorrow. This would be the biggest turnout since the ratification in 2005.

12:39 p.m. ET: NHL, NHLPA have been talking for one hour at this point. More should be known about what was unveiled by union once meeting wraps.

12:31 p.m. ET: The NHLPA filed an official challenge on behalf of Canadiens players before the Quebec Labour Relations Board to declare a lockout illegal. There will be an emergency hearing in Montreal on Friday morning. The QLRB does not recognize the NHLPA as a certified union.

11:35 a.m. ET: NHLPA contingent arrived at the league offices with Donald and Steve Fehr, along with seven players: Ron Hainsey, Manny Malhotra, Cory Schneider, George Parros, Kevin Westgarth, Mathieu Darche and Chris Campoli.

Fehr said they "have some things to tell them," but declined to say whether they'd present a full proposal.

10:21 a.m. ET: The meeting between the league and the union was delayed. Expected to start between 11:30 a.m. and noon.