Big spenders: Yanks' cash flows despite economy
Apparently, nobody told the Yankees about the economic downturn.
By signing free agent star Mark Teixeira, 28, today to an eight-year deal worth $180 million, the Bronx Bombers have now committed $423 million in salary in just the last month.
They landed the other big fish on the market, pitcher CC Sabathia, to the tune of $161 million over seven years, and locked up righty hurler A.J. Burnett with $82.5 million over five years.
The team, which missed the playoffs this year for the first time since 1993, now has the four highest-paid players in baseball: Alex Rodriguez (10 years, $275 million) and Derek Jeter ($189 million over 10 years) top the list, followed now by Teixeira and Sabathia.
That could change when free agent Manny Ramirez signs somewhere but, at 36 years old, he’s unlikely to get as many years as Teixeira.
The Teixeira signing comes a day after the Yankees received a luxury tax bill of $26.9 million on last year’s payroll.
The marquee names are coming to the Bronx as the Yankees prepare to move into their new stadium in April. The bold moves also outshine the biggest catch the crosstown rival Mets made this off-season, the signing of closer Francisco Rodriguez to three years and $37 million.