Final Stadium Fireworks: Teixeira Introduced Today
Updated 8:27 AM EST, Tue, Jan 6, 2009
In what may be the final big homerun at Yankee Stadium, the Bombers will unveil today the slugger they hope will be a pillar of the franchise and the final piece of that elusive championship puzzle.
At 1 pm, Mark Teixeira will don the Yankee pinstripes for the first time as the team announces that his $180 million, eight-year contract has been finalized.
The deal was agreed to on Dec. 23, but the sides had to complete contract language, and the first baseman had to pass a physical.
New York has committed $423.5 million on three free-agent additions during the offseason after its streak of 13 consecutive postseason appearances came to an end. On Dec. 18, the Yankees finalized a $161 million, seven-year contract with left-hander CC Sabathia and an $82.5 million, five-year deal with right-hander A.J. Burnett.
Teixeira's agreement on Christmas Eve came just one day after the Yankees received a $26.9 million luxury tax bill for 2008, when their streak of 13 consecutive playoff appearances ended. But with the revenue from their new stadium, where tickets are priced at up to $2,500 per game, their appetite for free agents wasn't diminished.
The 28-year-old Teixeira is the type of hitter the Yankees hope will revive an offense that dropped from a major league-leading 968 runs in 2007 to 789 last season. The switch-hitter batted a combined .308 with 33 homers and 121 RBIs for the Braves and Angels. He has reached 30 homers and 105 RBIs in five consecutive seasons.
Teixeira gets a $5 million signing bonus, $20 million in each of the first two seasons, and $22.5 million in each of the final six years. He has a full no-trade clause.
With that deal, the Yankees have lavished $423.5 million on three new players, a figure dwarfing the economic might of the other 29 clubs. This off-season, the Yankees also completed agreements with two prized pitchers, giving CC Sabathia a $161 million, seven-year contract and A.J. Burnett an $82.5 million, five-year deal.
Preparing to move into their $1.3 billion ballpark, the Yankees will hold the four largest contracts in baseball as they try to win the World Series for the first time since 2000. Third baseman Alex Rodriguez has the sport's highest deal at $275 million over 10 years, and shortstop Derek Jeter is second at $189 million over 10 years.
Copyright Associated Press / NBC Connecticut
First Published: Jan 5, 2009 4:39 PM EST
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