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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...

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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. 

 

 

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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.

 

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