New York (AP) – The New York Mets and New York Yankees have agreed to terms on a three-year, $25 million contract, team owner Woody Johnson announced Thursday.
The agreement includes $3 million guaranteed, and the team also has a $3.5 million signing bonus and an $11.5 mn incentive bonus, Johnson said.
The contract includes $10.5m guaranteed and $11m in guaranteed salary.
The $15.5million guaranteed salary is based on $2.5M per season over five years.
The new deal will be made official Friday.
The $2m salary cap will be increased by $2 million per season.
The deal includes a $5.5-$10m signing bonus, which is set to be paid out in three installments.
Johnson said he would announce the amount at a news conference.
The franchise’s current contracts are for $65 million, with $30 million of that guaranteed.
The other $30m will be deferred until 2020.
The Mets and Yankees are expected to make the first round of free agency on June 15.
They are the second and third teams to announce the signings of new players.
The Giants are expected at least one new player.
The Giants are in need of help at second base and centerfield.
The club has been trying to find a solution for veteran first baseman Brandon Belt, who is due to earn $11 million this year.
The team is also searching for a new shortstop.