The WNBA and its players' union have reached a verbal agreement on a new collective bargaining agreement, the sides said in a joint statement Wednesday morning.
"We have aligned on key elements of a new Collective Bargaining Agreement together," the statement said. "We still need to finalize a formal term sheet, but the progress made in these discussions marks a transformative step forward for players and the league. It underscores a shared commitment to the continued growth of the game."
Exact terms of the new deal were not disclosed, but it's expected to include significant increases in areas ranging from player salaries to revenue sharing. Recent proposals included maximum player salaries exceeding $1 million.
"This is a defining moment for women's basketball," Alysha Clark, WNBPA executive committee vice president, said in a statement. "We are changing the economics of this game. Players sharing in the business we've built. Salaries that reflect our value. A system that grows with the league. These are real changes that strengthen the players, elevate the game, and make the product on the floor better."
The verbal agreement marks the end of a prolonged and often contentious battle that threatened the start of the WNBA season and came as the league experienced record growth and popularity.
The deal is still subject to votes by the players and the WNBA Board of Governors, both expected in the coming weeks.
"We're going to have an amazing 30th season tipping off in May," Commissioner Cathy Engelbert told reporters following the negotiations.
The regular season begins May 8.
