Manny Ramirez collected a hefty sum of money during his 19-year career, but the Hall of Fame caliber slugger won't stop seeing pay checks from one of his former teams after his retirement early this season.
Ramirez, who left baseball after his second bout with steroid accusations, will reportedly be receiving money from the Boston Red Sox until he is 54 years old.
As reported on Boston.com, Ramirez is going to be paid $32 million over the course of 16 years. His first payment in that deferred sum comes July 1 of this year. Basically, he'll be paid about $2 million per year until he's 54. (via CBS Sports)
Ramirez, who hit .312 with 274 home runs and 868 RBI in eight seasons with the Red Sox, signed an eight-year deal worth $160 million with the team back in 2000. Here's the breakdown of the contract from the Globe.
The original contract that Jeff Moorad negotiated with Dan Duquette was for $160 million over eight years, with options of $20 million for the 2009 and 2010 seasons, which the Dodgers picked up when they traded for Ramirez on July 31, 2008.
The Sox paid the remainder of Ramirez's salary that year. There was $4 million a year deferred on those options, meaning the money that came due was $8 million plus interest. The interest was $330,000.
The Globe reports that Ramirez will be paid $1,968,677 in 2011, and the payments increase slightly through 2026, when Ramirez will receive $2,043,809. Not a bad for a retired guy, huh?
For more Red Sox coverage, visit our team page and team blog, Over The Monster.