The New York Yankees did it once again when they snatched up stud first baseman Mark Teixeira and presented him with a gorgeous 8-year contract for $180 million. This deal includes an approximate signing bonus of $5 million paid out over the first three years. A no opt-out clause and a no-trade provision was also included.
The Yanks initially made an offer to Teixeira a few weeks ago but then later withdrew it. This contract will pay Teixeira an average of $22.5 million per season.
The Yankees are definitely not shy about spending the loot. They have already committed $423.5 million in 1 month with contracts going to CC Sabathia, AJ Burnett, Teixeira and others.
When asked about the Yankees spending habit, Milwaukee Brewers owner Mark Attanasio said, “Frankly, the sport might need a salary cap.”
On top of all this, the Yankees were slapped with a $26.9 million luxury tax by Commissioner Bud Selig.