NHL: League and union exchange proposals as lockout looms Wed Sep 12, 2012 5:27pm EDT (Reuters) - The National Hockey League (NHL) and union representing its players exchanged proposals on Wednesday as negotiations for a new collective bargaining agreement resumed with the threat of a lockout just days away. The meeting was the first in almost a week and with the current deal set to expire at midnight on Saturday and owners prepared to impose a lockout, the next few days are crucial if the 2012-13 NHL season is to open as scheduled on October 11. NHL Players' Association (NHLPA) head Donald Fehr arrived at the league's Manhattan headquarters with a proposal and the NHL ready with a counter offer it said would be off the table if players do not accept it before the current agreement expires. No further formal negotiations are scheduled, according to a report on the NHL's website. The NHL's board of governors are set to hold meetings in New York on Thursday while the NHLPA will stage executive board and negotiating committee meetings, which are expected to be attended by close to 300 players. The main sticking point in the dispute, which threatens a fourth work stoppage in 20 years, lies with the two sides at odds over how to divide $3.3 billion in revenue. The NHL had wanted to reduce the players' share of hockey-related revenues to 46 percent from 57 percent despite enjoying record-breaking revenues last season along with an increase in television ratings. Following the meeting, NHL Commissioner Gary Bettman told reporters that under their latest offer the players' percentage of hockey related income would be trimmed by 7-9 percent, which the league says amounts to $250 million to $300 million more going to players from the previous proposal. While meetings were underway, the NHLPA announced that at least 16 players of the Montreal Canadiens filed an application with the Quebec Labour Relations Board asking it to declare a lockout illegal in the province. In Quebec, an employer is not allowed to lock out employees unless they belong to a union that is certified by the Quebec Labour board. The NHLPA is not a certified union in Quebec. "The players on the Montreal Canadiens simply want the labor laws of Quebec upheld, so that we can continue to play hockey while we work towards reaching a fair contract with the NHL," Canadiens defenceman Josh Gorges said in a statement. The Kontinental Hockey League (KHL) also released a new set of guidelines on Wednesday for teams looking to sign NHL players in the event of a lockout. Russian-based teams will be allowed to add three NHL players to their rosters but only one can be a foreigner. To be eligible, the player must have either previous KHL experience, played no fewer than 150 NHL games over the last three seasons, represented his country at one of the last two IIHF world championships, world junior championships, Olympics or is a Stanley Cup finalist or winner. Players must sign contracts for the entire season but, if the lockout ends, will be free to return to their NHL clubs. Reporting by Steve Keating in Toronto; Editing by Frank Pingue