Major League Baseball owners made their long-expected salary cap proposal to the players’ association on Thursday, a system the union has vowed never to accept, setting the sides on course for a confrontation that threatens the 2027 season and perhaps beyond.

A lot of new money has come into baseball, including from private equity firms. For owners hoping to sell, a cap could boost team value.

The MLB Players Association made its initial pitch on a labor deal; the owners will make their first proposal Thursday.

This is the first salary cap put forward since 1994, which led to strike action