The 79-year-old Selig said in 2003 that he would retire in 2006 but has repeatedly accepted new contracts.
Some owners – even his wife – have been skeptical in the past that he really would do it, but this marked the first time he issued a formal statement that he intends to step down.
“I look forward to continuing its extraordinary growth and addressing several significant issues during the remainder of my term,” he said.
Selig said he will soon announce a transition plan that will include a reorganization of central baseball management.
He said he will leave on Jan. 24, 2015, which would mark the second-longest term for a baseball commissioner.
Selig’s tenure included splitting each league into three divisions instead of two, adding wild cards and additional rounds of playoffs, expansion to Arizona and Tampa Bay, instituting instant replay, starting the World Baseball Classic, launching the Major League Baseball Network and centralizing the sport’s digital rights under MLB.com.
“The game has grown under him tremendously. He’s made every effort to try to clean the game up,” New York Yankees manager Joe Girardi said. “He’s left his mark on the game. There’s no doubt about it.”
Selig bought the Seattle Pilots and moved the team to Milwaukee. He became a leading owner by the early 1980s in his role as chairman of the Player Relations Committee.
He was part of the group that forced Fay Vincent’s resignation and took over as acting commissioner on Sept. 9, 1992.
While he presided over a 7½-month strike in 1994-95 that led to the cancellation of the World Series for the first time in 90 years, MLB and its players have had labor peace since.
Although he repeatedly said he would not take the job full time, he was formally elected commissioner on July 9, 1998. He turned running the Brewers over to his daughter Wendy, but the Selig family did not sell the franchise until 2005.
Selig agreed to a new contract in 2001. He first announced his planned retirement in 2003, telling a group from Associated Press Sports Editors he would leave when his current term expired at the end of 2006.
“For a guy who took it in Sept. 9, 1992, and I told my wife it was two-to-four months – 14 years later ... I think that will be enough. There’s no question, because there are other things I really would like to do.”
Asked again if this was his final term, Selig responded; “Oh, there’s no question.”
He then agreed to new contracts in 2004, 2008 and 2012.
Selig was at the helm while baseball was criticized for being slow to react to the rise of performance-enhancing drugs. Drug testing with penalties didn’t start until 2004. Selig has repeatedly defended his record, saying baseball acted as fast as it could in a matter that was subject to bargaining with players.
Owners have repeatedly praised his financial stewardship, which has led to record franchise values as shown by the $2 billion sale of the Los Angeles Dodgers in 2012. MLB revenues, which totaled $1.7 billion in 1992, are projected to top $8 billion this year, and the average player salary has tripled under his tenure to more than $3 million.