However, Grenadian Prime Minister Keith Mitchell, who chaired the meeting, said some steps forward had been made.

"We can't say we've had a complete solution but we have made some considerable progress," Mitchell said.

The players have personal deals with Cable and Wireless which conflict with the team's main backer, Digicel.

Lara, Ramnaresh Sarwan, Chris Gayle, Fidel Edwards, Dwayne Bravo, Dwayne Smith and Ravi Rampaul were left out of a 22-man squad for the upcoming home series against South Africa.

The meeting was attended by representatives from the West Indies Cricket Board, the players' association WIPA, and the two companies.

Mitchell added: "We have made considerable progress in terms of understanding the exact position of the parties and we are now able to define the exact areas of differences.

"Before Thursday we will be in touch with all the parties to inform them of how we see things and the exact solution we are offering.

"We would not be exerting all this effort if an amicable resolution was not our objective. It is the objective of everyone in this region.

"We want the best team out there in the field to play."

Ahead of the meeting, Lara had called for an end to the dispute.

"Positive action is needed now. Time is not on our side," the West Indies captain said.