Bud Selig will step down as commissioner of Major League Baseball at the end of the 2014 season.

Selig is announcing his retirement, effective January 2015.  He issued a statement saying it has been his great privilege to serve the game he has loved throughout his life.

He also thanked baseball owners, players and fans for their support and said together they have taken the sport to new heights.

The 79-year-old took over from Fay Vincent on an interim basis in 1992 and became full-time commissioner in 1998.