Talk about a stunner. The Yankees have reached an agreement in principle with free-agent first baseman Mark Teixeira, according to major-league sources. Teixeira’s deal is for eight years and $180 million — a sum that would push the Yankees’ off-season expenditures past $400 million.
The signing of Teixeira will be a stunning blow to the Red Sox, who had identified the switch-hitting first baseman as their No. 1 target and can not effectively counter the Yankees’ move.
The agreement also raises the question of where Teixeira’s agent, Scott Boras, will place his other free-agent slugger, outfielder Manny Ramirez.
The Angels ruled out signing Ramirez on Wednesday, seemingly leaving him with only the Dodgers as an interested suitor. The addition of Teixeira almost certainly will eliminate Ramirez as a possibility for the Yankees.
The Yankees have now made three high-priced additions; Teixeira, left-hander CC Sabathia, and righty A.J. Burnett, as they prepare for their first season at the new Yankee Stadium. Sabathia and Burnett signed earlier this off-season for a combined $243.5 million.
Teixeira, a switch-hitter and Gold Glove defender, might be the most meaningful prize, simply because of the interest that he drew from the Red Sox, the Yankees’ biggest rival.
The Nationals and Orioles also bid for Teixeira, a native of Severna Park, Md., but the Red Sox were considered the favorite, considering their need for a middle-of-the-order slugger.
The Red Sox had a bitter parting with Manny Ramirez last summer and David Ortiz could be on the verge of decline. Without Teixeira, the Sox could attempt to sign another free-agent slugger or bolster their starting pitching with the addition of free-agent right-hander Derek Lowe.