The Women's National Basketball Association and its players' union reached a verbal agreement on a new collective bargaining agreement early Wednesday morning, both sides confirmed.

The agreement concludes labor negotiations between the league and the Women's National Basketball Players Association. Representatives from both organizations announced the preliminary deal had been reached.

The new collective bargaining agreement is being described as transformational by the parties involved, though specific details of the terms have not yet been disclosed publicly.

The agreement represents the resolution of what had been characterized as a prolonged labor negotiation process between the league and its players. The previous collective bargaining agreement had been set to expire, making these negotiations critical for the continued operation of the league.

While the verbal agreement marks a significant milestone, the deal will still need to be formally ratified by both the league's board of governors and the players' union membership before taking effect. The timeline for formal approval and implementation of the new agreement has not been announced.