Padres Announce Machado's $300 Million, 10-Year Deal
The San Diego Padres have announced their $300 million, 10-year deal with All-Star infielder Manny Machado, more than two days after the deal was agreed to.
Machado will be introduced Friday at spring training in Peoria, Arizona.
The agreement, the largest for a free agent in big league history, includes an opt-out clause after the 2023 season and $150 million.
Machado gets a $20 million signing bonus, payable within 30 days of the deal's approval by the commissioner's office, $10 million this season and $30 million in each of the remaining seasons. Machado is a Florida resident, and the signing bonus will not be subject to income tax in California, which has a top rate of 12.3 percent.
Machado has can pick six teams annually he can't be traded to without his consent. He gets a hotel suite on road trips and has the right to purchase premium tickets at Petco Park.
His deal is the second-largest second in baseball history behind the $325 million, 13-year contract outfielder Giancarlo Stanton agreed to with Miami before the 2015 season.
To make room for Machado on the 40-man roster, the Padres transferred right-hander Dinelson Lamet to the 60-day injured list.
"Manny Machado is a generational talent, and we're ecstatic that he's chosen to spend his prime years in a San Diego Padres uniform," Padres executive chairman Ron Fowler and general partner Peter Seidler said in a joint statement. "This momentous agreement speaks volumes to the direction of our organization, as well as our commitment to bringing a World Series championship to the Friar Faithful and the City of San Diego."