There is speculation among hockey circles of a dollar-for-dollar tax with revenue sharing among the NHL generated from this system.

The luxury tax would trigger a hard cap agreement that is expected to come in with a floor of $25-million and a ceiling below $35-million.

After the league made its proposal in Thursday's session, the two sides continued talks Friday, again at an undisclosed location in Toronto. The league hopes to meet twice a week from now on in a bid to finally end the lockout.

"We met for approximately 3 1/2 hours yesterday and for approximately 4 1/2 today and further discussed the conceptual framework first raised at our April 4 meeting," NHL chief legal officer Bill Daly said in a statement.

"Both sides intend to spend the next several days continuing to work internally, and at this point, we are hoping to meet again in New York on Tuesday, May 10."

The two sides hadn't met since April 19 in New York, when the talks ended with an angry exchange between Boston Bruins owner Jeremy Jacobs and NHLPA executive director Bob Goodenow.

The league was represented at this week's talks by NHL commissioner Gary Bettman, Daly, Jacobs, board of governors chairman Harley Hotchkiss of the Calgary Flames, Nashville Predators owner Craig Leipold, New Jersey Devils president Lou Lamoriello, NHL director of hockey operations Colin Campbell, NHL general counsel David Zimmerman and lawyers Bob Batterman and Shep Goldfein.

The NHLPA representatives were Goodenow, senior director Ted Saskin, associate counsel Ian Pulver, outside counsel John McCambridge and director of business relations Mike Gartner, and players Trevor Linden, Bill Guerin and Bob Boughner