IRVING, Texas (CBS Sports) – For the first time since 1995, there is a work stoppage in the MLB.

The collective bargaining agreement between the MLB and the MLB Players Association expired at 11:59 p.m. on Wednesday.

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According to MLB Network reporter Jon Heyman, the owners voted to lock out the players in a unanimous vote.

This is the first work stoppage since 1994-95 and while the lockout is on, free agents will not be permitted to sign with teams, and players who are part of the union cannot be traded by their teams.

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The league and players union are not close on a CBA, according to reports, and one of the biggest points of contention between the two is free agency and compensation in an effort to make the league more competitive.

MLB Commissioner Rob Manfred is expected to hold a press conference today at 10:00 a.m. at Globe Life Field in Arlington, Texas.

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For more on the MLB-MLBPA lockout, head to CBS Sports.