A panel of arbitrators yesterday awarded Yankees SS
Derek Jeter a $5M contract for the upcoming season rather
than the $3.2M the Yankees had submitted, according to
Rocca, Herrmann & Heyman of NEWSDAY. The "award makes Jeter
the highest-paid fourth-year player in baseball history."
The decision "shocked many people in baseball, especially"
Yankees GM Brian Cashman and "his equally stunned front
office." The team "had felt so good about their case" that
Cashman declined to settle with Jeter "for the midpoint
figure" of $4.1M before Monday's hearing. According to
sources, Yankees Owner George Steinbrenner "was furious and
made that abundantly clear to Cashman" (NEWSDAY, 2/17). It
was MLB owners' "first loss in six arbitration decisions
this winter," and the Newark STAR-LEDGER's Tim Brown writes
that Cashman "appeared to bear the weight of it" (Newark
STAR-LEDGER, 2/17). Cashman, asked about Steinbrenner's
reaction: "I would say he's happy for Derek and disappointed
in me. ... I obviously lost the company money with the
decision I made" (NEWSDAY, 2/17). Jeter earned $750,000
last season (Peter Botte, N.Y. DAILY NEWS, 2/17). Jeter's
agent Casey Close noted his client's "star qualities in his
presentation" to arbitrators on Monday. Close "presented
exhibits regarding the player's endorsements and the growing
number of Internet inquiries about Jeter in the players
association's Web site" (Buster Olney, N.Y. TIMES, 2/17).
