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NEW YORK -- Alex Rodriguez was one step from playing for the New York Yankees.
New York and Texas finalized the terms of a trade Sunday, and the players' association gave its approval. The last hurdle was for commissioner Bud Selig to sign off on a deal, a high-ranking baseball official told The Associated Press on the condition of anonymity.
The Rangers will pay $67 million of the $179 million left on the AL MVP's record contract. Texas will get All-Star second baseman Alfonso Soriano and a player to be named.
Yankees captain Derek Jeter would remain the team's shortstop, meaning Rodriguez would be moved from short to third base to fill the hole created when Aaron Boone hurt a knee last month in a pickup basketball game.
The framework of the deal, which the two teams reportedly had in place Saturday night, included the agreement that the Yankees would take on much of the $179 million remaining on Rodriguez's landmark $252 million contract.
The Yankees would pay Rodriguez an average of about $16 million a year, which translates to Texas assuming $67 million of the $179 million left on Rodriguez's contract. Two sources told The Associated Press that Texas has agreed to those terms.
Rodriguez also has agreed to defer some money by five more years -- pushing the last payment back to 2025 -- and at a reduced interest rate, one of the sources said.
According to ESPN's Peter Gammons, the Rangers would pay $40 million of the $179 million in salary that Rodriguez is owed over the final seven years of his contract and would pick up $27 million of the deferred amount of that contract, which they do not have to pay for 10-12 years.
With those moves, Texas gains about $120 million in flexibility. As for the Yankees, their already hefty payroll would continue to expand.
In addition to the salary owed Rodriguez, he is due $4 million from his signing bonus and $12 million deferred at 3 percent annual interest from salaries during his first three years with Texas.
The New York Post reported that the Yankees would likely have to include Jose Contreras as well as minor-league catcher Dioner Navarro in the trade.
Soriano, 26, will make $5.4 million this year and has two more years of salary arbitration eligibility remaining. The two-time All-Star can become a free agent after the 2006 season.
Thus, the Yankees would take on an extra $183.6 million guaranteed.
The Yankees' payroll currently stands at $170.3 million, not including left-hander Gabe White, who remains in arbitration and will earn at least $1,825,000. A swap of Soriano for Rodriguez leaves New York's payroll at about $190 million.
Rodriguez hit .298 last season with 47 homers, 118 RBI and 17 stolen bases, and Soriano batted .290 with 38 homers, 91 RBI and 35 steals.
Information from The Associated Press was used in this report.