The NBA and Players Association have made progress on the proposed revenue split between owners and players, an important element in settling a new collective bargaining agreement and ending the lockout, league sources involved in the ongoing labor negotiations told Yahoo! Sports.

As long expected, the two sides have moved closer to a “50-50 split, give or take a point with ranges based on revenue performance,” one source said.

While the league’s owners and players made progress in Wednesday’s 8½-hour mediation session, one source involved in the talks was hesitant to characterize it as a “breakthrough” moment, saying system issues could again derail talks. The two sides will resume mediation at 2 p.m. ET following the conclusion of the owners’ board of governors meetings. The owners are meeting to discuss a new revenue-sharing plan, and what type of proposal they present to the players on Thursday will determine whether the labor talks continue to gather momentum.

Still, the biggest hurdle between the two sides remains the luxury tax proposals to punish big-spending teams and discourage them from overpaying players.

– Reported by Adrian Wojnarowski of Yahoo! Sports