Alex Rodriguez and the New York Yankees have agreed to the outline of a record US$275 million, 10-year contract, a deal that could allow him to earn millions more if he sets a career home-run record.
The amount of the guaranteed money was revealed by a source who spoke on Thursday on condition of anonymity. A-Rod and his wife met in Tampa, Florida, with brothers Hal and Hank Steinbrenner on Wednesday, 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.
The sides are still working on a provision allowing Rodriguez to share revenue created by his pursuit of the career home record held by Barry Bonds.