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.