Under the terms of the deal the PFA's share of television income will be worth �52.5m over three years.

The football world was kept waiting a tantalising extra four hours after a press conference was originally called for 1200GMT.

The delay came as lawyers for both sides tried to convert the verbal agreement into a legal document.

Football Association chief executive Adam Crozier eventually emerged to announce an agreement where "common sense prevailed."

Crozier described the deal as: "An agreement based on a new level of trust and on mutual respect for the role of players in the game."

The dispute had become bitter at times, and the war of words had become personal.

But PFA chief executive Gordon Taylor said there was: "Hopefully a new spirit of mutual respect of trust," between players and clubs.

At issue was the television money paid to clubs, with the PFA claiming 5%.

But Taylor said: "There is a sum of money there which we appreciate very much.

"It will improve the services we provide for current members, those youngsters who don't make the grade and for those players who will never go on the field again."

Added Taylor: "We are a football family.

"It's important as well we don't diminish the importance of football supporters or the broadcasting companies who have brought so much money into the game."

Premier League chief executive Richard Scudamore expressed the relief of the ending of the dispute.

"There should be more smiles across the table but we're all tired.

"There should be more smiles because there will be no strike."

The minds of both parties had been focussed as they both played their trump cards.

The PFA's overwhelming strike ballot, with 99% of players supporting strike action, enabled them to set a date for the threatened strike.

In turn, the football authorities threatened to seek a High court injunction to prevent it.

Scudamore said: "We didn't want to go the legal route and we're more than pleased to have a negotiated settelement.

"There's been a good deal of movement on both sides, there was a huge gap.

"You have to remember where the PFA started from," said Scudamore.

"But we have never said anything about the greed of the PFA.

"We thought the �50m mark was enough for the PFA to do their good work.

"This should make sure we never need to go through this situation again.

"We don't want to be going through this again in three years, six years, nine years or however long we are blessed to be involved in this game.

"It's history now and we want to concentrate on the fact that a settlement has been reached."