Yankees finalize $180 million deal with Teixeira

Jan 6, 2009 - 7:24 PM BRONX, New York (Ticker) -- Mark Teixeira feels he still has not reached his full potential. The New York Yankees have $180 million riding on it.

The Yankees officially signed Teixeira to an eight-year, $180 million deal - the fourth-richest contract in baseball history - before introducing the first baseman during a news conference Tuesday afternoon.

A two-time Gold Glove winner and career .290 hitter, Teixeira already has established himself as one of baseball's top young stars.

But the slugger knows he will be expected to help lift the Yankees to their first World Series title since 2000.

"No one expects more from me than I already expect from myself," Teixeira said. "I've been given a great gift, but I've yet to tap my full potential."

Teixeira, 28, initially agreed to the lucrative contract on December 23, less than a week after the Yankees spent a combined $243.5 million on free agent pitchers CC Sabathia and A.J. Burnett.

But the completion of the deal was pending paperwork and Teixeira passing a physical, meaning the Yankees had to wait two weeks to unveil their latest high-priced acquisition.

The wait evidently was well worth it for Teixeira, who was all smiles Tuesday afternoon while accompanied by his wife, numerous Yankees officials and his agent, Scott Boras, during what was perhaps the final event at the old Yankee Stadium.

"My goals are the same goals as the Yankees - that's to win a World Series," the former All-Star said. "I've been blessed throughout my career, and now I'm even more blessed to be joining the (Yankees)."

The top position player on the free-agent market, Teixeira reportedly had received lucrative contract offers from several teams, including the Boston Red Sox and Washington Nationals.

But despite not being considered a serious contender in the bidding process, New York lured Teixeira with a massive contract dwarfed only by the deals of current Yankee stars Alex Rodriguez and Derek Jeter.

New York, reeling from missing the playoffs for the first time since 1993, have spent a whopping $423 million this winter on Teixeira, Sabathia (seven years, $161 million) and Burnett (five years, $82.5 million).

The frenzied spending spree sent a clear signal that the Yankees intend to be the team to beat when they open play in their new stadium in 2009.

While Sabathia and Burnett were brought in to stabilize New York's shaky starting rotation, the switch-hitting Teixeira should bolster a lineup that already features Rodriguez and Jeter.

Rodriguez, a three-time American League MVP, and Jeter, a four-time World Series winner, previously received the three richest contracts in baseball history.

But despite all their star power, the Yankees finished third in the AL East last season behind Tampa Bay and Boston, posting an 89-73 record. The Yankees also had a major hole to fill at first base, a position that primarily had been manned by current free agent Jason Giambi over the last seven years.

The void should be aptly filled by Teixeira, who helped the Los Angeles Angels of Anaheim post the best record in the majors and win the AL West last season.

Teixeira was acquired by the Angels from the Atlanta Braves on July 29 last season and clubbed 13 homers and 43 RBI in 54 games with Anaheim. He batted .467 in the AL Division Series against Boston.

Overall, Teixeira finished the season with a .308 average, 33 homers and 121 RBI - his fifth straight 30-homer, 100-RBI season.

The No. 5 overall pick of Texas in 2001, Teixeira spent his first 4 1/2 seasons with the Rangers, slamming 43 homers and driving in 144 runs - both career highs - in 2005.

A durable player who has appeared in at least 145 games in five of his six career seasons, including back-to-back 162-game seasons in 2005 and 2006, Teixeira is a career .290 hitter with 203 homers and 676 RBI in 904 games.