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Sox Sign Wakefield To Two-Year Deal
By Administrator | November 10, 2009
The Red Sox and Tim Wakefield have torn up the team’s perpetual option for the pitcher (at $4 million per year) and agreed upon a new two-year deal that is worth a guaranteed $5 million, plus options.
The Red Sox have a strong desire to retain the knuckleballer’s services, but after two injury-shortened seasons they were seeking a little in the way of insurance. Meanwhile, Wakefield has grown to love it in Boston and had no desire to ply his trade elsewhere. And so a compromise was struck…
Wakefield will receive a base salary of $3.5m in 2010 and $1.5m in 2011.
Next year, he will receive a bonus of $50,000 for each start between 11 and 15 starts… $75,000 for each start between 16 and 25 starts… and $100,000 for each start between 26 and 30 starts. He’ll earn a maximum of $5 million.
His base salary in 2011 will increase to $2 million if he throws 130 innings next season… it would become $3.5 million if he throws 160 innings. In addition, he will earn bonus money based on the number of starts he makes — with the bonus structire varying depending upon whether he earns a base of $1.5 million, $2 million or $3.5 million. He’ll earn a maximum of $5.25 million in 2011.
So there is upside here for both sides… the Red Sox get some protection in case Wakefield’s health continues to be an issue while the pitcher can earn up to $10.25 million over the next two years - if he is healthy.
Sox GM Theo Epstein said: “It seemed to make sense for both sides. With (Wakefield), it gives him security to be here for at least the next two years. He certainly has some significant Red Sox records he wants to attain in that time span. For us, it gives us a little more payroll flexibility than picking up the option… He wants to end his career in a Red Sox uniform and it’s something we’d like to see as well”.
Wakefield has 175 wins with the Red Sox — just 18 shy of breaking the franchise record held by Roger Clemens and Cy Young.
Topics: Sox Players |
