posted on Feb, 16 2004 @ 04:02 PM
NEW YORK -It's a done deal:
Alex Rodriguez is a Yankee. Commissioner Bud Selig approved the record-setting swap Monday, allowing the reigning American League MVP to be traded to
New York by the Texas Rangers.
Rodriguez, 28, will join the Yankees in exchange for second baseman Alfonso Soriano and another unnamed player.
Texas will pay $67m (£35.5m) of the $179m (£95m) left on the American League MVP's $252m, 10-year contract.
It is the largest cash sum involved in a major league trade, and baseball commissioner Bud Selig said he did not want it to set a precedent.The
Yankees are the richest team in American sport and the acquisition will push their already astronomical payroll to about $190m.
A New York native, Rodriguez hit .298 with 47 home runs and 118 RBI for the last-place Rangers.He will move from shortstop, a position at which he has
been a seven-time All-Star, to third base, where he will replace the injured Aaron Boone.The Yankees will keep captain Derek Jeter at shortstop.
Texas will end up paying $140m for three seasons with Rodriguez. The Yankees will owe him $112m for seven years. Under the deal, the Yankees pay
Rodriguez $15m in each of the next three seasons, $16m each in 2007 and 2008, $17m in 2009 and $18m in 2010, according to the AP news agency.
Origin of story Yahoo Sports.
[Edited on 16/2/04 by TRD]