NEW YORK — Baseball owners and players have ratified the sport’s new five-year collective bargaining agreement, extending their labor peace to 26 years through 2021.

The sides announced their approvals Wednesday, a day after holding votes in separate telephone meetings.

“This agreement allows us to build on the positive momentum from last season and promote a generation of young players,” baseball Commissioner Rob Manfred said in a statement.

After eight work stoppages from 1972-95, the sides have negotiated deals without a strike or lockout in 2002, 2006, 2011 and this year. The new deal expires Dec. 1, 2021.

Teams voted 29-1 to approve, and Tampa Bay Rays managing general partner Stuart Sternberg was the lone dissenting vote, a person familiar with that meeting told The Associated Press.

The union said its executive board unanimously ratified the Basic Agreement, Benefit Plan Agreement, Joint Drug Agreement and Joint Policy on Domestic Violence, Sexual Assault and Child Abuse.

Negotiators reached an agreement Nov. 30 in Irving, Texas, about 3½ hours before the expiration of the previous contract. The deal raises the luxury tax thresholds, increases some of the tax rates, imposes a hard cap on signing bonuses for international amateurs and bans smokeless tobacco for players who do not already have major league service.

It also eliminates the provision that gave World Series home-field advantage to the All-Star winner.