NEW YORK CITY, NY (NEWS1130) – It’s not clear if it will lead to anything but the NHL and the players’ association have exchanged proposals as collective bargaining talks picked up today in the face of a potential lockout.

The sides resumed discussions at the league’s New York offices with just over three days remaining before their collective bargaining agreement expires.

It’s the first formal session they’ve held since August 31.

NHLPA Executive Director Donald Fehr confirmed that the union tabled a new proposal.

He said the offer was “consistent” with the last one the union submitted, though he did say players were willing to take a lower percentage of revenues over time.

The league answered with a counter-proposal.

Fehr says he doesn’t “know whether this will lead to anything.”

Prior to the meeting, deputy commissioner Bill Daly told The Canadian Press that he expected the union to deliver an “agenda” or “message,” if not a proposal.

With Saturday’s deadline of 11:59 p.m. ET looming for a lockout, it promises to be an important few days.

The union will open a meeting with some 300 players later in the day while the NHL’s board of governors is scheduled to convene tomorrow.

Meanwhile, the union says it has filed an application with Quebec’s Labour Relations Board, along with at least 16 players of the Montreal Canadiens, asking it to declare a lockout illegal in the province.

A hearing on the application is scheduled for Friday morning in Montreal.