Recession? What recession?

Spree Continues, Yankees Land Teixeira
By RONALD BLUM,
AP
posted: 22 MINUTES AGO

NEW YORK (Dec. 23) – The New York Yankees reeled in another prime free agent, reaching a preliminary agreement Tuesday with first baseman Mark Teixeira for $180 million over eight years.

Two people familiar with the negotiations disclosed the agreement, which is subject to a physical. They spoke to The Associated Press on condition of anonymity because the deal was not yet final.

Teixeira’s deal raises the Yankees’ offseason spending spree to $423.5 million. Just last Thursday, the Yankees completed agreements with two highly prized pitchers, giving CC Sabathia a $161 million, seven-year contract and A.J. Burnett an $82.5 million, five-year deal.

Preparing to move into their pricey new ballpark, the Yankees will hold the four largest contracts in the sport as they try to win the World Series for the first time since 2000. Third baseman Alex Rodriguez has baseball’s highest deal at $275 million over 10 years, and shortstop Derek Jeter is second at $189 million over 10 years.

Teixeira’s agreement came just one day after the Yankees received a $26.9 million luxury tax bill for 2008, when their streak of 13 consecutive playoff appearances ended. But with the revenue from their new stadium, where tickets are priced at up to $2,500 per game, their appetite for free agents wasn’t diminished.

Just 28, Teixeira is the type of hitter the Yankees hope will revive an offense that dropped from a major league-leading 968 runs in 2007 to 789 last season. The switch-hitter batted a combined .308 with 33 homers and 121 RBI for the Atlanta Braves and Los Angeles Angels, who acquired him July 29. He has reached 30 homers and 105 RBI in five consecutive seasons.

Teixeira gets a $5 million signing bonus, $20 million in each of the first two seasons, and $22.5 million in each of the final six years. He has a full no-trade clause.

Here is the full article.