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New York, NY, United States (AHN Sports) – NBA players don’t see much difference in a new proposal from the league’s owners and they are not happy about it.

The latest formal collective bargaining proposal the owners have handed the players is a 10-year deal that is just barely different from the original one the owners made.

The league delivered its offer to the union last week.

The owners, who are seeking significant rollbacks in existing contracts, a hard salary cap and a larger share of basketball related income. Players are guaranteed 57 percent of the revenue under terms of the existing labor agreement, which expires June 30.

“Unfortunately, the proposal is very similar to the proposal the league submitted over a year ago,” union president Derek Fisher told ESPN.com. “This last proposal doesn’t look close to what we were expecting.”

Union director Billy Hunter previously has said the players are willing to give up their 57 percent guarantee, but he wants to keep most other elements of the existing deal.

Owners wanted nearly $800 million in salary reduction for the 2011-12 season in their original proposal. Players were paid a total of approximately $2.1 billion this season, and commissioner David Stern said last month that the league is projecting a $300 million loss for the current season, a figure the players dispute.

The NBA has not had a work stoppage since 1998.

“With the recent news that Round 1 ratings are at an all-time high, the popularity of the game globally has never been higher, we have to work to keep this going in the right direction,” Fisher said. “I will continue to urge our players to be prepared in the event of a lockout, but will remain steadfast in my efforts to drive this process forward.”

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