"We did not come out with a deal today," said Fisher. "We will be back at 10 am tomorrow."

Fisher said no proposals were exchanged and there were no threats to cancel the season. He also indicated that he does not believe the sides are any closer to agreeing to a deal than they were on Wednesday and that talks were contentious at times.

"We can't continue to go down any path without making sure it's a fair way to go," said Fisher.

David Stern addressed the media shortly after the union concluded their remarks.

"Both sides expressed a willingness to make a deal," said Stern. "Once you start to lose games, positions on both sides start to harden." 

Stern also indicated that the union knows "precisely" what the revenue sharing system would look like. "They know as much as we know."

One source from inside the meeting told an associate that there was a 'sense of cooperation' during the day.