The MLS and the MLS Players Union “have reached agreement in principle” on a new collective bargaining agreement which will allow the new season to start on time.

MLS commissioner Don Garber and MLSPU executive director Bob Foose made the announcement via a teleconference on Saturday.

Commissioner Garber said:

We are very pleased to have reached agreement on a new Collective Bargaining Agreement with the MLS Players Union . . . This new agreement allows us to work with our players to continue our mutual efforts to build the sport of soccer in North America. We worked hard during the past few months to develop a new agreement that addressed many of the players’ most important issues and look forward to a meaningful and productive new relationship over the next five years.

I would like to thank the players and the leadership of the Union for their involvement and commitment to the collective bargaining process as well as our fans for their patience as we worked together to reach an agreement . . . I also want to thank George Cohen for his expertise in assisting the parties though mediation.

Executive director Foose said,

The Union is happy with this agreement as it addresses the core issue of players’ rights and we look forward to working cooperatively with the League going forward.

The new agreement, coming just two days before the strike deadline and five days before the start of the season, is subject to the approval of the MLS Board of Governors and the membership of the MLSPU. If approved, the new contract will cover the next five seasons and expire on December 31st, 2014.

The Philly Soccer Page’s Tim Ulrich reported earlier today the following details: “Concessions were made in the areas of guaranteed contracts, out-of contract player movement, improved salaries, and revenue sharing. The league however will retain its single-entity structure and did not concede free-agency. Out of contract players will be re-allocated via a draft of some sort.”

The Philly Soccer Page will provide further updates as the detail of the new agreement become known.