DALLAS (AP) — Star outfielder Juan Soto and the New York Mets have agreed to a record $765 million, 15-year contract, a person familiar with the deal told The Associated Press, believed to be the largest pact in team sports history.
The person spoke on condition of anonymity because the agreement, first reported by the New York Post, was subject to a successful physical.
He would have the right to opt out of the contract after the 2029 season if the Mets don't at that time raise the contract to $805 million by increasing the average annual value by $4 million annually. Soto will get a $75 million signing bonus, payable upon the deal's approval by the commissioner's office.
Soto's agreement is the largest and longest in Major League Baseball history, topping Shohei Ohtani's $700 million, 10-year contract with the Los Angeles Dodgers, a deal signed last December. That agreement included $680 million in deferred payments and is valued at just under $46.1 million for baseball's luxury tax.
While there are no definitive records in sports beyond the United States, Soto's deal is thought to eclipse those in all other team sports. The deal was reached on the eve of the first full day of baseball's annual winter meetings.
Soto's agreement does not include deferred money, the person said, leaving its average annual value at $51 million. Its length tops Fernando Tatis Jr.'s $340 million, 14-year contract with San Diego that runs through 2034.
Mets, OF Juan Soto agree to 15-year deal, per multiple reports including https://t.co/Z3s2EpgF39's @Feinsand. pic.twitter.com/wK4QdDqL8h
— MLB (@MLB) December 9, 2024