2002 – After marathon negotiation sessions to avoid a players’ strike just hours away, Bud Selig announces the players union and owners have reached a settlement on a new four-year Collective Bargaining Agreement without the need for a work stoppage. The new agreement, called “historic” by the Commissioner, gives the owners the economic restraints they wanted as the players are assured no teams will be contracted until the 2007 season, with a revenue-sharing plan to be gradually implemented during the span of the contract.

This Day In Baseball

On August 30, 2002 — 2002 – After marathon negotiation sessions to avoid a players’ strike just hours away, Bud Selig announces the players union and owners have reached a settlement on a new four-year Collective Bargaining Agreement without the need for a work stoppage. The new agreement, called “historic” by the Commissioner, gives the owners the economic restraints they wanted as the players are assured no teams will be contracted until the 2007 season, with a revenue-sharing plan to be gradually implemented during the span of the contract.

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Sources:
Baseball Reference August 30
National Pastime August 30
Retro Sheet
Hall of Fame
SABR Games Project
Replay The Game