It was updated on Mar 1, 2022, at 05:12pm.

The Major League Baseball team owners and the Players Association were unable to come to an agreement on a new collective bargaining agreement before the league's 5 pm deadline.

Houston Astros v New York Yankees

The New York Yankees stand for the National Anthem on April 5, 2016 in New York City. The photo was taken by Al Bello.

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The final proposal from the MLB was rejected by the leaders of the MLBPA about half an hour before the deadline.

The commissioner of baseball confirmed that regular-season games will be canceled following the players' rejection.

Regular-season games will be canceled for the first time since 1995 because of a work strike.

The two sides were unable to come to an agreement on a new competitive balance tax threshold, despite the league setting forth its best-and- final offer to the players Tuesday.

According to Yahoo!, the two sides will meet again to try and reach an agreement. Both sides are leaving Florida, where the meetings have been taking place, with no new meetings scheduled.

The league's previous collective bargaining agreement expired in the summer of 2021. Baseball fans were told in a letter that the players' demands would threaten the ability of most teams to be competitive.