TORONTO, Ont. – Talks between the NHLPA and NHL may continue over the weekend.

NHL Players’ Association executive director Don Fehr and NHL commissioner Gary Bettman are scheduled to meet on Wednesday to resume collective bargaining negotiations however, during a conference call on Friday, Fehr told the media he plans to speak with Bettman by phone over the weekend.

The sides left talks this week with competing offers on the table, no clear road ahead and an NHL lockout looming.

On Tuesday, the players tabled a proposal that called for them to get a smaller percentage of revenues in exchange for an expanded revenue sharing program to help teams on thin financial ice.  The next day Bettman said the proposal held little appeal for the owners and said that both sides were “far apart.”

A sub-committee meeting met on Thursday in Toronto, where they discussed non-core economic issues such as travel, ice conditions and training camp.

Both sides seemed encouraged about the status of those talks, but as deputy commissioner Bill Daly pointed out: “I don’t think that’s where this CBA is going to get cut or not.”

Many in the hockey community are starting to brace for the worst. The Detroit Red Wings announced Thursday that they’re cancelling their annual September prospects tournament in Traverse City, Mich., due to the “uncertainty” surrounding the CBA.

Eight teams had been scheduled to participate.

“We have determined that it is in everyone’s best interest to cancel this year’s tournament,” Red Wings GM Ken Holland said in a statement.

The current NHL deal runs out on Sept. 15, 2012, and NHL Commissioner Gary Bettman said if a new deal isn’t done by then, it’s lockout time.

“There’s still a wide gap between us, with not much time to go, but this is a process that we’re going to continue to work hard on,” Bettman said.

Sportsnet’s Michael Grange said it all comes down to the money.

“I think the gap is about $1.7-1.8 billion over just four years, and getting that down to a workable figure that’s acceptable to both sides, that’s going to be really hard to do,” Grange said.