['BusNative]

Hi Haters!

ESPN - Sources: Mark Teixeira, New York Yankees agree to 8-year deal

Sources: Teixeira takes Yanks' 8-year deal

The New York Yankees swooped in Tuesday and nabbed prized free agent Mark Teixeira, reaching agreement with the first baseman on an eight-year contract worth $180 million, three sources involved in the negotiations tell ESPN The Magazine's Buster Olney.

The Yankees had made an offer to Teixeira weeks ago, but then withdrew it. Their intention all along was to make a deal if it fell within parameters acceptable to the organization. They made their formal offer Tuesday.
The contract will pay Teixeira an average of $22.5 million per season.
The Yankees had $88.5 million coming off the books that, even with the Teixeira contract, they expect their payroll to fall below $200 million. New York has committed $423.5 million in salary in the last month, with $161 million going to left-handed pitcher CC Sabathia ($23 million over seven years) and $82.5 million on right-hander A.J. Burnett ($185 million over five).

Agreeing to a deal with Teixeira virtually eliminates any chance that free-agent outfielder Manny Ramirez has a landing place with the Yankees. New York does have money left to add another starting pitcher, most likely veteran left-hander Andy Pettitte at $10 million if he agrees to terms soon.

Teixeira's salary gives the Yankees, who are preparing to move into their pricey new ballpark in 2009, the four highest-paid players in Major League Baseball, including third baseman Alex Rodriguez, shortstop Derek Jeter and Sabathia.

The Yankees landed the 28-year-old Teixeira at a time it was believed the Boston Red Sox or the Washington Nationals were the likeliest to be his future employer. The Red Sox's offer was believed to be in the range of $170 million, and the Nationals reached out with an offer perhaps greater than that of Boston.

Teixeira finished last season with the Los Angeles Angels following a trade from Atlanta. The Angels withdrew from negotiations on Sunday night, in a very public manner, and say they were moving on to other players.

Because Teixeira grew up in the Baltimore area, the Orioles had long been viewed as a possible landing spot for him. But since the O's made a seven-year, $140 million offer, they did not revise it -- nor have they had active negotiations with his agent, Scott Boras, according to sources.

Teixeira's negotiations with the Red Sox appeared to stall last week in the failed meeting between the team executives and the player. The Nationals reportedly made an offer of eight years and $160 million.

The first baseman, who batted .308 with 33 home runs, 121 RBIs and a .552 slugging percentage for the Angels and Braves last season, had made it clear that he wanted to make a decision on where to play next season and beyond by Christmas.
Buster Olney is a senior writer for ESPN The Magazine.