Pujols Deal Completed; Worth $240M Over 10 Years

Pujols Deal Completed; Worth $240M Over 10 Years
Sports
Like Us On Facebook
Like Us On Facebook

Albert Pujols officially joined the Los Angeles Angels on Thursday when Major League Baseball and the players’ association confirmed the terms of the first baseman’s 10-year contract and agreed its guaranteed value is $240 million.

The deal was reached four weeks earlier on the final day of the winter meetings and took nearly a month to complete. There are three separate agreements.

The team and Pujols will enter a 10-year, personal-services agreement following the playing contract’s expiration or Pujols’ retirement, whichever is later, a deal that will pay $1 million annually. But because it is contingent on Pujols actually working for the team, it is not considered guaranteed money for the purposes of baseball’s luxury tax.

High-payroll teams such as the New York Yankees and Boston Red Sox are likely to examine that structure closely and may emulate it in future agreements.

There also is a marketing agreement that will pay Pujols for milestone accomplishments. The player will receive $3 million for 3,000 hits and $7 million for a record 763rd home run. He currently has 2,073 hits and 763 home runs.

Including all three agreements, Pujols could make up to $265.75 million over 20 years. That includes $875,000 in possible award bonuses each year for accomplishments such as Most Valuable Player, World Series and league championship series MVP, Gold Glove and Silver Slugger, and making the All-Star team.

Like C.J. Wilson’s $77.5 million, five-year contract, which also was agreed to Dec. 8, Pujols’ deal is heavily backloaded. His 2012 salary will be $12 million, down from the $16 million he made last year in the option year of his contract with the St. Louis Cardinals.

Pujols salary increases to $16 million in 2013 and $23 million in 2014, then rises $1 million annually until he makes $30 million in 2021, when he will be 41.

Associated Press

Photo Images:Getty Images

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Preston Waters

Preston Waters is a thinker. He's not your traditional philosophical persona, however, as he leaves no topic untouched. Covering all the bases, from business to women, Preston Waters is the ultimate man's man for Gen-Y.

More In Sports

Also On Elite

TV

What ‘The Bachelorette’ Can Teach Us About Love In Real Life

Drama, romance, intrigue and good-looking guys sans-shirts set the premise for the ABC hit show, “The Bachelorette,” and as far as quality reality television goes, this show hits all the deal-makers, as well as deal-breakers. Let’s start with the deal-breakers, though: “The Bachelorette” is definitely set up for failure. Essentially, it’s a show where viewers are […]

Film

Baby Who Looks Like Mrs. Doubtfire Will Blow Your Damn Mind (Photo)

It’s hard to pick a favorite Robin Williams movie, but, if pressed, most of us would probably go with “Mrs. Doubtfire.” Williams’ ability to turn a ridiculous character and premise into a hilarious and heartwarming film is so classic, and we’ll cherish the film forever. Well, here’s a piece of “Mrs. Doubtfire” ephemera I’m sure […]

Technology

You Will Be Able To Charge Your Phone By Yelling At It With This New Device

British researchers have developed technology that takes sound from the immediate vicinity and turns it into energy for mobile phones. According to the Daily Mail, a team from Queen Mary University of London was inspired by the discovery that solar cells are strengthened by the sound of loud music. This happens because sound vibrations jump-start […]