Yankees do just dandy

New York sends Soriano to Rangers for A-Rod, who'll play third

NEW YORK (SI.com) -- The Boston Red Sox couldn't pull off a deal for Alex Rodriguez, and now the American League's Most Valuable Player is headed to the archrival New York Yankees.

The Texas Rangers have agreed to send Rodriguez to the Yankees for second baseman Alfonso Soriano and a player to be named later, Sports Illustrated's Tom Verducci confirmed Saturday. Some contract details remain to be worked out, but a baseball source told Verducci no problems are expected.

New York and Texas finalized the terms of a trade Sunday, and the players' association gave its approval. The last hurdle is for commissioner Bud Selig to sign off on a deal, a high-ranking baseball official told The Associated Press on the condition of anonymity. The Rangers will pay $67 million of the $179 million left on the Rodriguez's record contract.

The American League champions began preliminary discussions with the Rangers this week, a high-ranking baseball official told The Associated Press. Rodriguez has a no-trade clause but has said he would be amenable to a deal to the Yankees, the official said.

Rodriguez will be moved from shortstop to third base by New York, seeking to fill the hole created when Aaron Boone hurt a knee last month in a pickup basketball game, an injury that will require surgery. Derek Jeter, the Yankees' captain, will remain at shortstop.

"Once Boone went down, the Yankees started looking for a third baseman," Verducci said. "A-Rod told them back in November that he didn't want to move to third, but he changed his mind after Boone got hurt."

Yankees general manager Brian Cashman wouldn't discuss Rodriguez but said New York always is exploring opportunities.

"I won't comment on specific trade rumors or rumblings," Cashman told the AP. "It's my job to float ideas, weather balloons, out to my counterparts. Ninety-nine percent of them fall to the ground helplessly." 

"I can't comment on the situation," said Rodriguez's agent, Scott Boras.

The talks were first reported Saturday by The New York Post and Newsday.

Boston, the Yankees' perennial rival, nearly acquired Rodriguez in December, but a proposed deal that would have sent outfielder Manny Ramirez to the Rangers fell through because the players' association blocked Boston's attempt to restructure Rodriguez's record $252 million, 10-year contract. The union said the proposal by the Red Sox would have lowered the deal's value by $30 million to $32 million.

Boston then rejected the union's plan to lower the contract by $12 million to $13 million in exchange for Rodriguez gaining the right to use Boston's logos in merchandise deals.

After the deal collapsed, Texas owner Tom Hicks said Rodriguez would remain with the Rangers, and the team announced Jan. 25 that it was making the seven-time All-Star its captain.

Rodriguez, 28, is owed $179 million in salary over the remaining seven seasons of his contract, $4 million from his signing bonus and $12 million deferred at 3 percent annual interest from salaries during his first three years with Texas.

Soriano, 26, will make $5.4 million this year and has two more years of salary arbitration eligibility remaining. The two-time All-Star can become a free agent after the 2006 season.

The sides need to finalize the amount of money Texas will pay New York, and complete an agreement with Rodriguez on a restructuring of his contract that was described as modest.

Several of those involved told the AP the trade was likely to be finalized Sunday or Monday. Approval of both the commissioner's office and the players' association is necessary.

As part of the trade, Texas would pay about $67 million of the $179 million in salary that Rodriguez is owed over the final seven years of his contract. That leaves the Yankees to pay an average of approximately $16 million per season.

In addition to the $112 million the Rangers would clear off their books, Texas estimated it would save more than $13 million in interest for salaries that are to be deferred.

"This will be a huge financial relief for the Rangers," said Verducci.

Of the $67 million or so the Rangers will pay the Yankees, $24 million will go to money the contract called to be deferred in the final seven years.

The deferred money originally was to be paid from 2011-20. Rodriguez agreed to push back the payment schedule by five years and lower the interest rate by what the Rangers believe is a significant amount, one of the officials said. The union was examining the proposed change and didn't consider it to be a great obstacle, one baseball lawyer said.

In addition, the Yankees would like to defer some of the approximately $112 million they will owe Rodriguez.

New York's payroll is at $170.3 million, not including left-hander Gabe White, who remains in arbitration and will earn at least $1,825,000. A swap of Soriano for Rodriguez will leave New York's payroll at about $190 million.

Rodriguez hit .298 last season with 47 homers, 118 RBIs and 17 stolen bases, and Soriano batted .290 with 38 homers, 91 RBIs and 35 steals.

If Soriano stays at second base with the Rangers, Michael Young will move to shortstop. "But they'll look at Soriano in center field, which might be his best position long term," said Verducci.

Enrique Wilson, Miguel Cairo and Erick Almonte are among the candidates to play second base for the Yankees.

The player to be named will be a second-tier minor leaguer whom the Rangers will pick sometime during spring training, said Verducci.

New York opens spring training Tuesday, and Texas starts two days later.

The Associated Press contributed to this report.