AP source: MLB players, owners have verbal labor deal

FILE - At left, in a March 17, 2015, file photo, Major League Baseball Players Association executive and former Detroit Tigers first baseman Tony Clark talks to the media before a spring training exhibition baseball game in Lakeland, Fla. At right, in a May 19, 2016, file photo, Baseball Commissioner Rob Manfred speaks to reporters during a news conference at Major League Baseball headquarters in New York. Negotiators for baseball players and owners are meeting this week in Irving, Texas, in an attempt to reach agreement on a collective bargaining agreement to replace the five-year contract that expires Thursday, Dec. 1, 2016. (AP Photo/File)
FILE - At left, in a March 17, 2015, file photo, Major League Baseball Players Association executive and former Detroit Tigers first baseman Tony Clark talks to the media before a spring training exhibition baseball game in Lakeland, Fla. At right, in a May 19, 2016, file photo, Baseball Commissioner Rob Manfred speaks to reporters during a news conference at Major League Baseball headquarters in New York. Negotiators for baseball players and owners are meeting this week in Irving, Texas, in an attempt to reach agreement on a collective bargaining agreement to replace the five-year contract that expires Thursday, Dec. 1, 2016. (AP Photo/File)

IRVING, Texas (AP) — A person familiar with the negotiations tells The Associated Press negotiators for baseball players and owners have a verbal agreement on a five-year labor contract.

The person spoke on condition of anonymity Wednesday night because the sides were still putting the deal in writing. They hoped to have a signed memorandum of understanding later Wednesday.

The deal extends the sport’s labor peace to 26 years since 1995 and was reached about 3 1/2 hours before the expiration of the current agreement.

As part of the deal, the luxury tax threshold rises from $189 million to $195 million next year and to $210 million in 2021, the person said. There will also be a new draft-pick drop for teams exceeding the threshold by $40 million or more.

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