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Sheffields contract extension details

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Sheffields contract extension details

Postby Dannomyte » Sat Dec 09, 2006 2:43 pm

DONE DEAL: The Tigers recently finalized their contract extension with Gary Sheffield, acquired from the New York Yankees last month. Some details:

• Sheffield is under contract through 2009. He will be paid $41 million, although the true value is closer to $37 million because of deferred money.

• He is owed $13 million as part of his 2007 salary, although $4.5 million of that is deferred, with 3% compounded interest.

• He is owed $14 million as part of his 2008 and 2009 salaries. He will have $4 million deferred in each of those years, also at 3% compounded interest.

• The result of those deferrals is that he'll receive between $1 million and $2.5 million annually during each of the first 10 years after the contract expires.

• He has a limited no-trade clause, something he didn't have in New York. Each year, he'll be able to submit a list of 10 teams to which he can refuse a trade. ... 90371/1050
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