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The Boston Red Sox and Alex Rodriguez ran out of time in efforts to restructure the American League MVP's $252 million contract Thursday, killing what would have been the most expensive trade in U.S. sports history.
Commissioner Bud Selig's 72-hour window for the team and the player's agent
to work out a deal closed at 5 p.m., and Selig said there would be no extension.
"I have terminated my permission for Boston and Alex Rodriguez to continue pursuing this transaction at this time," Selig said in a statement.
The details of the trade, a $300 million, three-team blockbuster that would
have sent Manny Ramirez to the Texas Rangers in exchange for Rodriguez, were
reportedly agreed upon Wednesday, but the Players Association refused to approve
Boston's demand that Rodriguez reduce his salary and accept deferred payments
in exchange for the right to become a free agent earlier than the contract called
for. Thursday, both the Red Sox and Major League Baseball blamed the union for
scuttling the deal.
"It's unfortunate that the Players Association felt it necessary to take
a legal position which prevented the player and at least two teams from effectuating
an agreement that they felt was beneficial," MLB president Bob DuPuy said.
"The Players Association's intransigence and the arbitrary nature of its
action are responsible for the deal's demise," Red Sox president Larry
Lucchino told The Associated Press. And although the teams can still make a
trade and work out contractual language later, Lucchino said that won't happen.
"The proposed trade between the Boston Red Sox and the Texas Rangers is
dead," he said.
Likely dead as well is a spinoff deal that reportedly would have sent Boston's
All-Star shortstop Nomar Garciaparra and others to the Chicago White Sox for
All-Star outfielder Magglio Ordoñez.
Rodriguez, the American League MVP last season, has seven years and $179 million
left on his contract. Ramirez, baseball's only other $20 million man, is owed
$97.5 million over the next five years. Figuring in the additional players involved,
the proposed trade was worth more than $300 million.
As a result, both teams reportedly sought financial relief to make it work.
But the union said Wednesday the changes Boston proposed -- and Rodriguez accepted
-- would reduce the value of Rodriguez's contract by as much as $20 million.
Although Rodriguez and the Red Sox continued negotiating Thursday, they could
not satisfy the union.
"The thing that held this up was the size of the contracts," a high-ranked
MLB official said.
Selig, who wanted the deal to go forward, still could approve Wednesday's framework
over union opposition, leaving the final outcome in the hands of an arbitrator.
But Rodriguez, who has a no-trade clause in his contract, suggested he would
use that to halt any trade that did not meet with the union's approval.
"In the spirit of cooperation, I advised the Red Sox I am willing to restructure
my contract, but only within the guidelines prescribed by union officials,"
Rodriguez said in a statement he read to The Associated Press from his home
in Miami.
"I recognize the principle involved, and fully support the need to protect
the interests of my fellow players.
"If my transfer to the Red Sox is to occur, it must be done with consideration
of the interests of all major league players, not just one. Any statement by
club officials suggesting my position is different than stated is inaccurate
and unfortunate."
Rangers owner Tom Hicks, who first proposed trading Rodriguez to Boston in November
for Garciaparra, was hoping to revive the deal late Thursday. Although Texas
general manager John Hart was publicly welcoming Rodriguez back, Hicks believes
he needs to trade Rodriguez to gain enough payroll flexibility to address his
team's weak pitching staff and fill other holes. Although Rodriguez has led
the American League in home runs each of his three seasons in Texas, the Rangers
have finished last in their division each time, losing 270 games in that span.