Major League Baseball commissioner Rob Manfred addressed the league's lockout on Thursday morning, saying "we understand it's bad for the business." The lockout, the MLB's first work stoppage in 26 years, was put into place by MLB owners late Wednesday night.

"It's not a good thing for the sport," Manfred said, adding "we took this action with the support of all 30 clubs."

Club owners and the MLB Players Association had until 11:59 p.m. ET on Wednesday to reach a new deal before their previous CBA expired. While both sides made proposals addressing dozens of issues, economics remained at the core of the discussions.

"We made a proposal yesterday. If it had been accepted, it would have provided a clear path towards an agreement," Manfred said.

Because of the lockout, typical offseason transactions such as free agency, the arbitration process and the Rule 5 Draft will likely be frozen until a new deal is reached. And baseball's mid-December winter meetings will likely be canceled. MLB has also removed player photos and news from its website, prompting several players to change their Twitter profile pictures to blank avatars.