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Alex Rodriguez: Contracts
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Alex Rodriguez won his third M.V.P. award Monday and is close to completing a 10-year contract with the Yankees, who have all but completed their three-year, $45 million deal for Mariano Rivera.
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[N]ot surprisingly, Alex Rodriguez was not named on the Mitchell Report, but tried to upstage Major League Baseball by singing a new contract hours before the report’s release. At least a few hundred million should keep Cynthia Rodriguez happy.
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The Associated Press reports the New York Yankees and 3B Alex Rodriguez finalized a $275 million, 10-year contract Thursday, Dec. 13. Rodriguez could make $30 million more if he achieves career milestones. He ... gets a $10 million signing bonus. He will receive $27 million in 2008, $32 million in 2009 and 2010, $31 million in 2011, $29 million in 2012, $28 million in 2013, $25 million in 2014, $21 million in 2015 and $20 million in 2017 and 2018.
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Rodriguez, for example, could agree to decline the three $27 million option years on his contract from 2008-10 and negotiate lower terms. Or he could adjust the deferred money in his contract ($36 million at 3 percent interest from 2011 to 2020). But he ... would need to appease the players union, which adamantly opposes reducing the value of contracts.
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Leverage is everything, and with Rodriguez’s ability to become a free agent, the Yankees knew they would have to extend his contract if they wanted to keep him. Putting aside the well-reported negotiating positions of either side, that’s what happened.
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