WNBA, players union marches toward CBA milestone

The Women’s National Basketball Association and its players association are close to reaching a collective bargaining agreement, two days after a self-imposed deadline.

The two parties meet around the clock in a downtown hotel in New York, and negotiations extend until the late hours of the morning to reach an agreement, according to a person familiar with the process, who requested anonymity because he is not authorized to speak publicly. The source said that nine proposals were exchanged between the two sides in recent days, covering almost all the issues up for discussion.

The negotiations come at a time when women’s sports have seen significant financial growth through larger media deals and strong demand.

The WNBA previously said the new CBA must be in place by March 10 in order to start the season on time. Negotiations continued on Thursday. It’s unclear what the delay means for the scheduled start of the season.

WNBPA President Nneka Ogwumike told reporters late Wednesday that players were “feeling movement” in the talks. The Players Association said it was and will remain fully engaged in the negotiations.

“We want to play. We have heard that from the other side as well,” Ogwumike told reporters.

The league’s latest proposal included raises in nearly every category, according to a copy of the details obtained by CNBC.

According to the proposal, the league offers a salary cap four times higher than the current cap — at $6.2 million, up from the current cap of $1.5 million. That limit would grow annually as team and league revenue grows, according to the proposal.

Average salaries will also see a significant increase, starting at $570,000 in the first year and growing to $850,000 in the sixth year. The average current player salary in the league is about $120,000, according to another person familiar with the current CBA, who asked to remain anonymous because he is not authorized to talk about the matter publicly.

The proposal includes a salary cap that exceeds $1.3 million and reaches nearly $2 million. The current maximum contract under the current CBA is just under $250,000, the second person added.

However, the two sides remain at odds over revenue sharing, according to the first person familiar with the matter.

The league’s latest proposal includes a new, unspecified revenue-sharing system tied to league and team revenues, according to a copy obtained by CNBC. It no longer includes minimum limits for starting participation.

The league is also introducing new minimum standards for facility upgrades, such as locker rooms, weight rooms and treatment areas, as well as charter flights and first-class travel amenities for all league events and increased performance bonuses.

The WNBA season is scheduled to begin on Friday, May 8, and the season is scheduled to begin on April 13.