NEW YORK (AP) - Manny Ramirez's money from his new $45 million, two-year contract with the Los Angeles Dodgers won't be fully paid until June 2013, according to contract details obtained Monday by The Associated Press.
Ramirez gets a $25 million salary this year, but just $10 million is paid up front. The rest is due in $5 million installments each June 30 in 2010, 2011 and 2012.His contract calls for a $20 million salary in 2010, with $5 million payable up front. He is due two installments of $3,333,333 by June 30 in 2011 and 2012, and a final payment of $8,333,333 by June 30 in 2013.
Ramirez has until the fifth day following this year's World Series or Nov. 10, whichever is later, to decide whether to void the second season of the contract and become eligible for free agency again.
Because of the money deferred without interest, Ramirez's 2009 salary is given a present-day value of about $18.4 million by Major League Baseball.
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