RealGM

Major League Baseball commissioner Bud Selig formally announced his retirement on Thursday afternoon. Jon Heyman of CBSSports.com first reported the news. The retirement will take effect on January 24, 2015.

“It remains my great privilege to serve the game I have loved throughout my life," said Selig in a statement. "Baseball is the greatest game ever invented, and I look forward to continuing its extraordinary growth and addressing several significant issues during the remainder of my term.