The NBA owners and players have now met for a combined 24 hours over the last two days, and the most tangible result has been an agreement for a third straight day of negotiating Thursday.

But there are indications that some ground is being made with the help of federal mediator George Cohen. A source involved in the labor negotiations told Yahoo! Sports on Wednesday night that the two sides have made progress on a proposed revenue split between the owners and players.

According to the report, they are finally moving closer to a 50-50 split with the version of the agreement that is based on revenue performance.

Apparently, that was the primary subject of the negotiations Wednesday that went 8 1/2 hours, on the heels of a marathon 16-hour session that began Tuesday and ended during the early morning hours Wednesday.

The owners' and players' representatives will convene again in New York on Thursday afternoon at 2 p.m. EST after the owners hold their previously scheduled board of governors meeting to discuss revenue sharing.

While it sounds like significant progress is being made to end the nearly four-month-old lockout, insiders caution that there is still a lot of work to be completed in order to secure a new collective bargaining agreement. The owners and players are also at odds over the idea of a hard salary cap, which could severely hinder the amount of money that players make.

NBA commissioner David Stern has previously indicated that if an agreement can’t be hammered out by this week, then games could be canceled all the way through Christmas this season. Last week, the league canceled the first two weeks of the regular season.

“I think everyone is expecting miracles. It is still going to take some time even with a mediator,” one league executive said. “I don’t think Cohen has solved disputes in two days.”

Contact Terrance Harris at terrancefharris@gmail.com or follow him on Twitter @Terranceharris

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