1 Updates
MLB: NY Yankees to Pay $29.1 M in Luxury Tax Penalty
Photo Credit: Getty Images

MLB: NY Yankees to Pay $29.1 M in Luxury Tax Penalty

Sep 13 2013, 12:54am CDT | by

The New York Yankees are facing a record $29.1 million in luxury tax penalty, per USA Today Sports' Bob Nightengale.

The New York Yankees are facing a record $29.1 million in luxury tax penalty.  This is confirmed by USA Today Sports' Bob Nightengale, who says this figure is based on records obtained by the...

Filed under: news

YouTube Videos

 
 
 

1 year ago

MLB: NY Yankees to Pay $29.1 M in Luxury Tax Penalty

Sep 13 2013, 12:54am CDT | by

MLB: NY Yankees to Pay $29.1 M in Luxury Tax Penalty Photo Credit: Getty Images

The New York Yankees are facing a record $29.1 million in luxury tax penalty, per USA Today Sports' Bob Nightengale.

The New York Yankees are facing a record $29.1 million in luxury tax penalty. 

This is confirmed by USA Today Sports' Bob Nightengale, who says this figure is based on records obtained by the newspaper. He also adds this amount roughly equals the payroll of the entire Houston Astros team, which is around $21.1 million, per Sports Illustrated's Scooby Axson. 

In Nightengale's words,"The Yankees currently have a $236.2 million payroll for purposes of the luxury tax, and must pay a 50 percent tax over the $178 million threshold as a repeat violator." 

The Los Angeles Dodgers are the other team which will be required to pay a luxury tax in 2013, although the amount won't be as high as the Yankees' since this is their first offense. They have a 2013 payroll of $234.5 million and will be taxed 17.5 percent for every dollar over the threshold. This means they will pay $9.9 million in luxury tax penalty.

All in all, no other major league team comes close to the luxury tax payments the Yankees have shelled out since 2003. The total is said to be around $253 million. Other teams which previously included the Boston Red Sox, Los Angeles Angels and Detroit Tigers have combined for roughly an eighth of that amount -- $32 million.

The luxury tax threshold will increase to $189 million in 2014, according to Yahoo! Sports.

With the Yankees hoping to reduce $47 million from their payroll by the time this threshold goes up, this development bodes well for them with "$100 million in contracts coming off the books after this season," says Nightengale.    

He also adds the Yankees stand to save $21 million in Vernon Wells' contract, which will be paid for by his former team,the Los Angeles Angels. 

 

 

Don't miss ...

 


Poch de la Rosa follows all major U.S. sports: NFL, MLB, NBA, NHL and the NCAA. His favorite teams are the Colts, Braves, Pacers, Sharks and Irish, respectively.

 

blog comments powered by Disqus

Latest stories

Shuttler Kashyap loses in French Open quarters
Paris, Oct 24 (IANS) After ousting top-10 competitors in the first two rounds, Indian shuttler Parupalli Kashyap had to bite the dust as he lost his men's singles quarter-final to China's Zhengming Wang but not before putting up a fight at the $275,000 French Open Super Series here Friday.
 
 
Advani clinches World billiards title
Leeds, Oct 24 (IANS) Displaying sublime touch, Pankaj Advani crowned himself World billiards champion for the 10th time when he overcame Peter Gilchrist 6-2 in the points format (150-up) final here Saturday.
 
 
Advani emerges World billiards champion
Leeds, Oct 24 (IANS) Pankaj Advani, the 29-year old from Bangalore, set a record of sorts when he defeated Peter Gilchrist 6-2 in the final of the World billiards championship (points format), here Saturday.
 
 
Turner to lead Cricket Australia XI against South Africa
Melbourne, Oct 24 (IANS) Ashton Turner will skipper the Cricket Australia (CA) XI against the South African side in a Twenty20 contest to be played Nov 2 at the North Sydney Oval.
 
 
 

Latest from the Network

Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday. The patient had...
Read more on Business Balla
 
Two people die in Pakistan bomb blast
Islamabad, Oct 23 (IANS) At least two people were killed and 12 others injured in an explosion that took place in Pakistan's Balochistan province Thursday, media reported. The bomb was planted on a motorcycle, Dawn...
Read more on Politics Balla
 
Trott extends contract with Warwickshire till 2017
London, Oct 23 (IANS) England batsman Jonathan Trott, whose mental issues led to his abrupt departure from last winter's Ashes tour, has confirmed his successful comeback to competitive cricket by signing a new three-...
Read more on Sport Balla
 
Srikanth, Kashyap big movers in BWF rankings
Kuala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest Badminton World Federation (BWF) rankings released Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Alvin Stardust dead
London, Oct 23 (IANS) English singer Alvin Stardust died after a short illness. He was 72. Stardust's manager confirmed the news about his demise Thursday, reports mirror.co.uk. He was recently diagnosed with...
Read more on Celebrity Balla
 
Indian man reunited with family after 40 years
Dubai, Oct 23 (IANS) An Indian man, who had disappeared from his hometown in Kerala nearly 40 years ago, has been found by his family at a hospital in Dubai in the UAE, a newspaper report said. Now in his 60s, Abdulla...
Read more on Politics Balla
 
Srikanth, Kashyap, Saina rise in world rankings
Kala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest released Badminton World Federation (BWF) rankings Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Flintoff signs for Big Bash side Brisbane Heat
Brisbane, Oct 23 (IANS) Former England captain and all-rounder Andrew Flintoff, who retired from international cricket in 2009, Wednesday confirmed that he will play for Brisbane Heat in the Big Bash League (BBL) this...
Read more on Sport Balla
 
OPEC daily basket price falls again
Vienna, Oct 23 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $81.94 a barrel Wednesday compared to $82.09 Tuesday, the OPEC Secretariat said. The new OPEC...
Read more on Business Balla
 
Lopez to sign multi-million dollar deal?
Los Angeles, Oct 23 (IANS) Singer-actress Jennifer Lopez is reportedly in the final stages of securing a multi-million dollar deal to perform in Las Vegas. The 45-year-old is being offered $350,000 per show at The...
Read more on Celebrity Balla