Major League Soccer and the MLS Players Association have reached an agreement in principle on the terms of a new collective bargaining agreement, the league and the union announced Thursday.
The new collective bargaining agreement spans five seasons, beginning with a start date of last Saturday (Feb. 1) and extending through Jan. 31, 2025.
The deal is subject to formal approval by the MLS Board of Governors and the MLSPA membership.
"As we prepare to celebrate our 25th season, we are very pleased to finalize a new five-year collective bargaining agreement with our players," MLS commissioner Don Garber said in a league statement. "This agreement addresses key strategic priorities for the league and our players while also retaining the basic player compensation structure that has been the foundation for the growth and stability of Major League Soccer."
Bob Foose, who is the executive director of the MLSPA, also released a statement.
"Players have secured an agreement that will substantially change what it means to be an MLS player," Foose said. "Over the past two years, we have engaged in a substantive, comprehensive negotiation process with the league. We believe that the sweeping changes and increased investment in this agreement will not only be integral to the league's continued growth, but will also move MLS closer to the systems in place in overseas leagues with which we aspire to compete."
The new CBA features the players receiving a share of media revenue for the first time in history in addition to increased investment in player spending, greater salary budget flexibility across rosters, an increase in charter flights and expanded free agency.
The MLS and MLSPA announced last week that they had extended their collective bargaining agreement through Friday.