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Yankees Looking To Lower $210 Million Payroll By $21 Million

| Filed under: ZportzAlex RodriguezBusiness BlitzBaseballDerek Jeter

payroll yankees

The Yankees have the highest payroll in Major League Baseball, but co-owner Hal Steinbrenner wants to start shaving down in order to meet the new threshold for the luxury tax as stated in the league's most recent collective bargaining agreement.

Currently, the team's payroll is $210 million (holy smokes!) thanks to buying up talented free agents like Alex Rodriguez, Derek Jeter and CC Sabathia. Starting in 2014, teams with payrolls exceeding $189 million (instead of the current $179 million) will have to pay a 17.5% luxury tax rate in order to keep the game competitive.

Since meeting that threshold could save the Yankees an estimated $50 million, team officials are looking to develop younger pitchers like Phil Hughes, Ivan Nova, and Michael Pineda into good enough players so they don't need to dig deep for more free agents. Steinbrenner has told sources:

"We are going to be at $210 million this year and we will see how the young kids do, they play a big part. We have some room but we need the young pitching to step up, no doubt.”

He continued to explain that the new threshold for the luxury tax is a much more attainable goal than the current $179 million, saying:

"I don’t think ($189 million) is an unrealistic goal. I think right now we’re going to be around $210 (million) this year. We’ll see who comes off in the next couple of years."

Do U think the Yanks will be able to reach their payroll goal in the next couple years? If so, who will be getting the boot to lower the total team cost?

[Image via WENN.]

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