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More Sammy Money Issues
by alex ciepley
Help! I don't understand the money involved in the final tally with the Cubs-Orioles trade:
Under terms of the addendum to Sosa's contract that he signed Wednesday, the Cubs will pay $16.15 million of the $25 million Sosa was still owed under his $72 million, four-year agreement, according to details obtained by The Associated Press.
Baltimore is responsible for just $8.85 million of Sosa's $17 million salary this year, with the Cubs paying the rest. Because Sosa is paid on a 12-month basis and already had received $1,307,692 of his salary this year, that amount was credited to what the Cubs owe Baltimore, meaning the Orioles will receive $6,842,308 in cash from Chicago.
As part of the trade, Chicago will pay Sosa $3.5 million in severance within 30 days. The $18 million 2006 option in his contract was eliminated, and the $4.5 million buyout was converted to a $4.5 million assignment bonus, which the Cubs must pay by March 15. He also agreed to eliminate the $19 million option for 2007 that his contract said would be added if he was traded.
Umm, what happened to Baltimore picking up the tab on that $4.5M? I just don't get it.