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.
MLB's new collective-bargaining agreement will take them past a quarter century of labor peace. Incredible considering the league's history.— Jeff Passan (@JeffPassan) December 1, 2016
Many online were impressed by how long the league has negotiated with its employees.