NEW YORK, Sept. 5 (UPI) -- Baseball Commissioner Bud Selig announced Thursday that franchise owners had ratified the collective bargaining agreement reached with the players last week.
Although only a majority of the 30 owners were needed to approve the deal, the New York Yankees were the only franchise to vote against it.
The high-spending Yankees will be hurt most by the luxury tax and revenue sharing aspects of the new contract.
"The clubs recognize that this historic agreement will significantly contribute to restoring competitive balance and economic stability to the game," Selig said.
"We believe the agreement increases competitive balance and revives hope and faith to many franchises in baseball, all of which are so important to our fans. And equally important to our fans is that now all of us in baseball can shift our focus to where it belongs --- to the events that transpire on the ball field."
The settlement came just hours before players were scheduled to walk off the job. It marked the first time in baseball history that negotiations between owners and players did not lead to a work stoppage.
