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Baseball Commissioner Rob Manfred laughs as he responds to a question after the baseball owners quarterly meetings at the Drake Hotel Thursday, Nov. 17, 2016, in Chicago. (AP Photo/Charles Rex Arbogast)

The MLB and the baseball players union just reached an agreement over a new labor deal


Negotiators for Major League Baseball and baseball players have reached a verbal agreement on a new labor contract, reports ESPN

Conversations apparently took place through most of the night. The negotiations were concluded before the current labor deal expires. 

Both sides met at a hotel just outside of Dallas where the players' association hosted its annual executive board meeting. 

Chief among concerns in the negotiations was the luxury tax, compensation for the loss of free agents, and an international draft. 

New clauses in the contract will likely benefit both teams and potential players. 

Many online were impressed by how long the league has negotiated with its employees. 

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