Major League Baseball and the MLB Players Association have reached an agreement on a new collective bargaining agreement, according to Ken Rosenthal of Fox Sports.
Yahoo’s Jeff Passan reports the new deal runs five years in length.
The agreement was set to expire at midnight (12 a.m. Thursday). If a deadline was not reached, both sides would have formally locked out the players.
Sports Illustrated's own Michael McCann analyzed some of the key issues in the labor negotiations. On Tuesday night, talks warmed up some of the last few hurdles were regarding a luxury talk and revenue sharing issues.