The WNBA and its players' union met again Wednesday, hours after a marathon negotiating session over a new collective bargaining agreement.

The two sides ended a 12-hour negotiation at 5 a.m. ED without reaching a deal. They started talking again Wednesday afternoon and discussions were ongoing at sundown.

Union executive director Terri Carmichael Jackson said Wednesday morning there were "a lot of conversations going in the right direction."

WNBA commissioner Cathy Engelbert came out of a New York hotel where negotiations were being held to briefly talk to reporters.

"It's complex, but we're working towards a win-win deal like we've been saying, transformational deal for these players. That balances all the things we've been trying to balance with continued investment by our owners," she said. "So, we're working hard towards that and still have work to do."

Executive committee members Nneka Ogwumike, Breanna Stewart, Alysha Clark and Brianna Turner once again were at the hotel with Jackson and the union staff. The league was represented by Engelbert, head of league operations Bethany Donaphin and New York Liberty owner Clara Wu Tsai. Connecticut Sun president Jen Rizzotti joined the negotiating team on Wednesday.

Neither side left the hotel during the marathon bargaining session. A day later, both sides were outside during breaks enjoying an unseasonably warm mid-March day in Manhattan.

The sides have been exchanging proposals during the bargaining sessions over the last two days, a person familiar with the negotiations told The Associated Press. The person spoke on condition of anonymity because of the sensitivity of the discussions.

Revenue sharing and housing are key sticking points between the sides, as well as assigning a franchise tag to a player and benefits for retired players.

The WNBA’s negotiation drama, explained

The league had said at least a handshake agreement on a labour deal would need to be done by Tuesday to start the season as scheduled.

"We've got to get this deal done. We've got to get it done soon," said Engelbert, who didn't take questions.

When a deal is reached in principle, the league has said it would need a few weeks to finish off the CBA. After that work is done, the expansion draft for new franchises in Portland and Toronto would be held sometime between April 1-6, according to a timetable obtained by the AP.

Free agent qualifying offers, including franchise player tags, would be sent out April 7-8. Teams would then have three days to negotiate with the more than 80 per cent of players who are free agents. The signing period would take place from April 12-18.

Training camps would open the next day and the season would be able to start May 8.

But for any of that to happen, the two sides have to figure out a revenue sharing model. The union's proposal from a week ago had asked for an average of 26 per cent of the gross revenue — revenue before expenses — over the course of the CBA. That would include only 25% in the first year. The league has said that number was unrealistic.

The WNBA's last few proposals have offered more than 70 per cent of net revenue, with that number going up as the league continues to grow.