Rangers must pay $9 million deferred for Rodriguez
Rangers general manager Jon Daniels said Wednesday the team must fund the original $9 million in deferred payments Rodriguez was owed for the remainder of the $252 million, 10-year contract he signed with the team before the 2001 season.
That money, $3 million for each of the next three seasons, was reconfigured into an assignment bonus at the time of A-Rod's 2004 trade to the New York Yankees.
"Anything that was part of the assignment bonus is considered earned at the time to the trade," Daniels said.
That means Rodriguez walked away from $72 million when he opted out of the contract: salaries of $24 million owed by the Yankees in each of the next three seasons.
Texas did save $21.3 million because of A-Rod's decision to opt out, according to Daniels. As part of the payment schedule agreed to at the time of the trade, Texas agreed to pay the Yankees $8,116,000 in 2008, $7,101,500 in 2009 and $6,087,000 in 2010.
Rodriguez's $36 million assignment bonus will accrue interest at 2 percent annually and will be paid to the player each June 15 from 2016-25.
While most teams have downplayed their interest in Rodriguez, the Los Angeles Angels have said they are exploring whether they'd want A-Rod. Agent Scott Boras said last weekend he wasn't going to detail his conversations with clubs about Rodriguez.
"We had an initial conversation with Scott, and it was introductory," new Angels general manager Tony Reagins said. "He probably makes any team that he's a part of better."
Reagins said if talks progressed, the Angels would welcome a chance to speak with Rodriguez. Reagins acknowledged that marketing, as well as baseball skills, would play a role in a decision to sign A-Rod.
"In this day and age, I think that is a part of it," he said.
In addition, New York Mets general manager Omar Minaya met with Boras. The Mets haven't said they are competing to sign Rodriguez, but they have not ruled out trying to add him.
Rodriguez, likely to win his third AL MVP award, is expected to sign another record deal. Before A-Rod terminated his contract with New York, Boras told the Yankees they had to offer $350 million just to get a meeting with the third baseman.
On the third day of the general managers' meetings, each GM stood up and stated what their offseason goals were. Many mentioned specific players they were making available. The idea was suggested by Boston's Theo Epstein and Florida's Larry Beinfest, co-chairs of this year's meeting.
"Usually it takes a while to be able to reach all 29 other teams and hear what they're trying to do. This increased our efficiency tremendously. It saves us all a lot of time," Epstein said. "Some teams were specific. Some were more guarded."
Copyright 2007 by The Associated Press
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