St. Petersburg, FL (My Sportsbook) - Major League Baseball and the National Association of Professional Baseball Leagues (NAPBL), better known as Minor League Baseball, reached an accord Thursday on a new 10-year Professional Baseball Agreement, extending through the 2014 season.

"All of us at Minor League Baseball are delighted that we have reached agreement on another long-term contract with our partners at Major League Baseball," said Mike Moore, president of Minor League Baseball. "Both sides of the committee worked hard to make this happen and we can now move forward, using this agreement to enhance our relationship. We are excited about the possibilities in this agreement and the opportunity to serve the player needs of Major League Baseball."

The agreement guarantees that major league teams will field at least 160 minor league clubs through the life of the agreement by means of Player Development Contracts (PDC) and/or ownership of teams.

"Major League Baseball is pleased to continue its commitment to the Minor Leagues and its player development system," said Major League Baseball commissioner Bud Selig. "The minor leagues established a new attendance mark last season and this agreement will guarantee long-term stability as they build on those successes and allow us to further our partnership with them into the next decade."