At a news conference held on Thursday in Queens, the New York Mets officially introduced Juan Soto to the public. This significant event took place at his new place of employment, not far from the Bronx where he had starred for the New York Yankees during the previous season. Soto, a four-time All-Star, has now joined the Mets after signing an astonishing 15-year, $765 million deal, making it the richest contract in pro sports history.
Record-Breaking Contract and Its Implications
This historic contract, which was finalized on Wednesday, has turned heads across the baseball world. It surpassed the contract value of Los Angeles Dodgers two-way star Shohei Ohtani, who signed a 10-year contract worth $700 million just a year ago. However, it's important to note that Ohtani's contract included $680 million in deferred money, which will be paid out from 2034 through 2043. In contrast, Soto's contract has no deferred money and includes a $75 million signing bonus.Baseball mega-agent Scott Boras explained that the deferred payment structure was not considered during the negotiations with the Mets. "That was never a track that we followed," Boras said in an interview after Soto's appearance in Queens. "Teams suggested, but we did a deal that was of current day value."The Significance of Soto's Contract
Soto's contract, with a potential total value of $805 million based on an option, is a game-changer for the Mets. It shows the team's commitment to building a dynasty and competing for championships. The 26-year-old standout from the Dominican Republic was personally hosted by Mets owner Steve Cohen at his Beverly Hills mansion, an intimate meeting that helped lure Soto away from the Yankees.Cohen has made the club one of the league's top spenders since he bought the team in 2020. His goal is to bring the Mets their first World Series title since 1986. This contract is a major step in that direction.Boras and His Approach to Contracts
Boras, who has negotiated billions for his clients since 1980, is not against contracts that include deferred pay. He pointed to the five-year, $182 million deal he negotiated for Ohtani's new teammate, Blake Snell. Snell, a two-time Cy Young Award winner, will defer $66 million through 2046 ($13 million per season) as part of his new agreement. "I got a $52 million signing bonus to go with it," Boras said of Snell's recent deal. "It's all about a balancing of value. You try to hear what teams need to do and what the necessity is, and you figure things out from there. … Some teams do (deferrals) and some teams don't. They really want to know what your preference is."Soto's Decision and the Mets' Offer
Soto reportedly turned down a 16-year, $760 million offer from the Yankees, who recently fell to the Dodgers in the World Series. The Mets, however, made their winning contract offer even sweeter by offering personal security for his family during home and road games, as well as a luxury suite at Citi Field. The Yankees did not offer a free suite, which is typical for the club, even for their biggest stars.Soto, who said he hasn't spoken to his former Yankees teammates since the World Series run, was attracted to the family-friendly atmosphere that the Mets aim to provide. The combination of record-setting money and the family care package was enough to seal the deal. "They showed me a lot of love from a standpoint of how they were going to try to make it comfortable for me," Soto added. "That's what impressed me is how they're going to treat everyone around me including my family. That's one of the things that I was looking for."READ MORE