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Reports: Mark Teixeira a Yankee

12.23.08 at 1:38 pm ET

ESPN.com and SI.com are now reporting that the Yankees and Mark Teixeira have reached an agreement on an eight-year deal for $180 million. The Yankees reportedly had been monitoring the Teixeira negotiations from the sidelines, but swooped in on the switch-hitting first baseman after the Red Sox made an offer that was reportedly in the $170 million vicinity. The Yankees now have committed $423.5 million in contracts to Teixeira and pitchers CC Sabathia and A.J. Burnett this winter.

Despite those allocations, the team’s 2009 payroll remains well below what it was in 2008. For more on the Yankees’ payroll, click here.

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