David Stern and Adam Silver addressed the media following Thursday's bargaining session.

"We've had another couple of intense days," said Stern. "A couple hours ago, after Peter Holt and I were in touch with the labor relations committee, we made a revised proposal to the union to address their concerns as best we could."

Stern says they are looking to have a 72-game season with the first games beginning December 15th, if a deal is reached. 

The clock on their offer will remain stopped until the player representatives have a chance to review it. If the deal is not accepted, the owners will revert back to their 47% offer.

Stern said that some players may not like the deal and that certain owners don't like the offer.

If the players accept the offer, the 2012 NBA Playoffs and Finals will be moved back one week, according to Silver.

"There comes a time where you are done negotiation and we are," said Stern.

"We await the response from the union. We've done our best," said Stern.