Cubs, Lilly make four-year, $40M deal official

Updated: December 15, 2006, 1:48 PM ET
Associated Press

Ted Lilly

CHICAGO -- Left-hander Ted Lilly joined the Chicago Cubs on Friday, finalizing a $40 million, four-year contract agreed to last week at the winter meetings.

The 30-year-old receives a $4 million signing bonus, payable next month, and salaries of $5 million in 2007, $7 million in 2008 and $12 million in each of the next two years.

Lilly was 15-13 with a 4.31 ERA in 32 starts for the Toronto Blue Jays last season. He had to pass a physical for the agreement to be finalized.

Lilly broke in with Montreal in 1999 after being traded from the Dodgers, the team that initially drafted him. He has a 59-58 with a 4.60 ERA in a major league career that also included stints with the New York Yankees and Oakland.

The acquisition of Lilly has been part of a major offseason overhaul by the Cubs, who after hiring Lou Piniella as manager agreed to a $136 million, eight-year contract with free agent Alfonso Soriano. They also re-signed third baseman Aramis Ramirez for $75 million over five years, added free agent second baseman Mark DeRosa ($13 million), acquired left-hander Neal Cotts in a trade with the crosstown White Sox and re-signed pitchers Wade Miller and Kerry Wood and backup catcher Henry Blanco.

Chicago also is closing in on a three-year contract with right-hander Jason Marquis worth about $21 million.

Copyright 2006 by The Associated Press