A-Rod to play for Yankees
Jeter to stay at SS, A-Rod to move to 3B
NEW YORK (AP) — Alex Rodriguez has moved
one step closer to playing for the New York Yankees.
The Yankees and the Texas Rangers finalized the terms of a trade
Sunday, and the players’ association gave its approval. The
last hurdle was for commissioner Bud Selig to OK the deal, a high-ranking
baseball official told The Associated Press on the condition of
The Rangers will pay US$67 million of the $179 million left on
the AL MVP’s record contract. Texas will get all-star second
baseman Alfonso Soriano and a player to be named.
Approval from Selig was expected later Sunday or Monday, and the
Yankees began planning for a news conference today in New York
to introduce the first reigning MVP ever traded.
Texas will wind up paying $140 million for three seasons with
Rodriguez. The Yankees will owe him $112 million for seven years.
Under the deal, the Yankees pay Rodriguez $15 million in each
of the next three seasons, $16 million each in 2007 and 2008, $17
million in 2009 and $18 million in 2010, according to contract
information obtained by The AP from player and management sources.
In each of the first four years, $1 million will be deferred without
interest, to be paid in 2011.
Texas will pay $43 million of Rodriguez’s salary over the
remaining seven years: $3 million in 2004, $6 million each in 2005
and 2006, $7 million in 2007, $8 million in 2009 and $6 million
in 2010. In addition, the Rangers will pay the $24 million remaining
in deferred money from the original contract, with the interest
rate lowered from three per cent to two per cent.
All the deferred money owed by Texas — $36 million including
salaries from 2001-03 — will be lumped with the original
$10 million signing bonus, of which $4 million is still owed. The
payout schedule will be pushed back to 2016-2025 from 2011-20.
In exchange for the alterations, which devalue the contract slightly,
Rodriguez will receive a hotel suite on road trips and have the
right to link his website to the Yankees’ site.