MLBPA increases war chest to $415M ahead of possible lockout

The Major League Baseball Players’ Association has a war chest more than twice as large as at the same time before collective bargaining with Major League Baseball in 2021, as it prepares for the possibility of a prolonged lockout when the collective bargaining agreement expires Dec. 1.

The union has accumulated $415 million in U.S. Treasury securities, cash and other investments by the end of 2025, according to its LM-2 filing with the U.S. Department of Labor, a figure that dwarfs the union’s $171 million at the end of a COVID-shortened season in 2020 and heading into the previous round of CBA negotiations.

The last collective agreement expired in December 2021, leading to a lockout that lasted more than three months. Ultimately, Major League Baseball and the union agreed to a new CBA on March 10 to salvage a 162-game season with an eight-day delayed start.

The year-over-year increase in 2025, compared to $283.8 million in 2024, included the MLBPA’s conversion of a significant amount of money into U.S. Treasury securities. While the union’s cash reserve fell from $144 million to $37.4 million, its investments in Treasury bills — highly liquid and low-risk — jumped from $85.3 million to $222.1 million.

MLBPA total assets increased to $519 million from $353 million at the end of 2024; net assets were $511.5 million.

To help spur growth, players opted to allow the union to withhold group licensing controls since 2024. These funds could be returned to players in the event of a lockout.

The union’s lobbying spending also increased significantly in 2025, from $363,034 to $788,486, with two firms receiving monthly fees. Although a higher volume of state and federal laws and regulations on various issues, including sports betting and NIL, has necessitated increased spending, the increased spending is also consistent with preparation for an extended work stoppage that could attract the attention of Congress.

Former MLBPA executive director Tony Clark, who resigned last month after an internal investigation stemming from a federal investigation revealed an inappropriate relationship with his sister-in-law, earned $3.58 million in 2025. Interim executive director Bruce Meyer, who previously served as Clark’s deputy, received $1.56 million.

Fanatics remained the union’s largest source of revenue, increasing from $94.4 million in 2024 to $106.4 million in 2025.

Players Way, a youth baseball initiative owned by the MLBPA and one of two entities under investigation from the Eastern District of New York, is no longer operating, a union spokesperson confirmed. The company was under investigation for misusing funds after spending millions of dollars but offering only a few events.