Rob Manfred voted next commissioner of Major League Baseball

Rob Manfred, Major League Baseball's chief operating officer, will be the next commissioner of baseball after reportedly securing a unanimous vote by team owners.

He required only 75 percent of the owners' vote to be appointed.

Related: 5 things you need to know about Rob Manfred, baseball's new commissioner

"I have to say I am tremendously honored by the confidence that the owners showed in me today, electing me to be the 10th Commissioner of baseball," Manfred said. "I agree with [Cardinals chairman and head of the search committee] Bill [DeWitt Jr.], I have very big shoes to fill in following Commissioner Selig."

Manfred was considered the frontrunner for the post, having served as commissioner Bud Selig's right-hand man and the league's lead negotiator in the last three collective bargaining agreements. He is credited with maintaining 19 years of labor peace and ushering in the toughest drug-testing program in professional sports. Selig had nothing but nice things to say about Manfred after the vote.

Selig replaced his predecessor Faye Vincent in 1992 but was not formally named commissioner until putting his ownership of the Milwaukee Brewers into a trust in 1998. After years of speculation, Selig finally announced last fall this would be his final season at the helm. He officially retires in January 2015.

Manfred beat out a field of candidates that included baseball's executive vice president of business, Tim Brosnan, and Boston Red Sox chairman Tom Werner. In order to be elected, Manfred needed to obtain votes from at least 23 of the 30 major-league owners. Hours before Thursday's vote, Brosnan apparently withdrew his name from consideration.

The 55-year-old Manfred, who reportedly garnered support from the Steinbrenner family and New York Yankees, inherits a sport enjoying unprecedented financial growth. Forbes reports league revenues are expected to top $9 billion this year. More from the Sporting News:

The average MLB franchise is now worth an estimated $811 million, a 9 percent increase over 2013.  The average MLB salary is between $3.5 million and $4 million. Everyone associated with MLB is making money, and Manfred has been a big reason why the game is enjoying that economic surge.

Thursday's announcement coincides with the 20-year anniversary of the week the league shut down for the remainder of the 1994 season and canceled the World Series. Manfred has since successfully negotiated new CBAs in 2002, 2006, and 2011. The current agreement expires on Dec. 1, 2016.

Manfred was promoted to his most recent role as the league's COO last September after serving for 15 years as executive vice president of labor relations.