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[MLB] A-Rod, Yankees agree on outline of $275 million


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NEW YORK -- Alex Rodriguez and the New York Yankees have agreed to the outline of a record $275 million, 10-year contract, a deal that potentially would allow him to earn millions more if he sets the career home run record.

The amount of the guaranteed money was revealed by a person familiar with the negotiations who spoke Thursday on condition of anonymity because the deal hasn't been finalized. A-Rod and his wife met Wednesday in Tampa, Fla., with brothers Hal and Hank Steinbrenner, but the parameters of the agreement were set in place last weekend.

"The meeting was a final get-together," Yankees senior vice president Hank Steinbrenner said. "He wanted to make sure myself and my brother knew that he was sincere and serious."

The Yankees still must draft the agreement with Rodriguez's agent, Scott Boras. Asked whether the only remaining details were putting the deal on paper, Steinbrenner responded: "pretty much so."

Boras wasn't a part of the negotiations, in which Goldman Sachs managing directors John Mallory and Gerald Cardinale conducted shuttle diplomacy.

"They were the go-betweens, initially," Steinbrenner said. "That's how he reached out to us."

The Yankees were notified by Boras on Oct. 28 that Rodriguez was opting out of the final three seasons of his $252 million, 10-year contract -- the previous record -- and becoming a free agent. New York maintained then that it no longer would negotiate with A-Rod because the decision eliminated a $21.3 million subsidy from Texas that was negotiated in the 2004 trade.

About a week later, A-Rod contacted Mallory, a friend who works in private wealth management in Goldman's Los Angeles office. Rodriguez knew the Yankees have a close relationship with the investment bank, which was instrumental in the launch of the team's YES Network.

ESPN

Here goes another record for A-Rod.

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Reason A why my dad doesn't particularly care for professional sports: a guy making a quarter of a billion dollars in 10 years to play baseball.

Now I don't particularly have any problems with them getting paid large sums of money, but this is a ridiculous deal.

-Spenser

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Reason A why my dad doesn't particularly care for professional sports: a guy making a quarter of a billion dollars in 10 years to play baseball.

Now I don't particularly have any problems with them getting paid large sums of money, but this is a ridiculous deal.

-Spenser

Why is it ridiculous?

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