Steinbrenner “Freaked Out” Yankees Might Spend Money

Yankees owner Hal Steinbrenner is “freaked out” by the reaction to his plan to get the team’s payroll under the $189 million luxury tax threshold by 2014, reports Wallace Matthews of ESPN New York. Matthews speculates Steinbrenner may be reconsidering the plan.

The Yankees have spoken to agent Scott Boras recently about a new long-term contract for Robinson Cano, who is due to become a free agent after the season. A new deal for the second baseman will surely venture north of $100 million, which would make getting under the luxury tax threshold difficult due to existing $20+ million annual commitments to Alex Rodriguez, Mark Teixeira, and CC Sabathia.

The combination of fan reaction, empty seats during the postseason, and the likelihood potential savings will be lower than anticipated could be enough to scare the Steinbrenners into scrapping their payroll plan. Getting under the luxury tax threshold would reset the team’s tax rate (currently 40 percent but due to climb to 50 percent next year) and give the Yankees some revenue sharing rebates.

For more on this story visit: Mike Axisa, CBS Sports