The spending spree of the New York Yankees continues.
The baseball side has announced it has signed powerful first baseman Mark Teixeira to an eight-year contract worth $300 million.
The Yankees, who also recently landed free-agent starting pitchers CC Sabathia and AJ Burnett on long term deals, have now spent $700 million on new players.
But Yankees officials note with big name players such as Jason Giambi, Bobby Abreu, Mike Mussina, Andy Pettitte and Carl Pavano finishing their contracts, the 2009 payroll projects to about $20 million less than last year's $212 million.
The team co-owner Hal Steinbrenner says while they have added a lot this year, they had about $80 million coming off contract
The Yankees say they stumbled into the Teixeira signing, making a late offer after the Red Sox, Washington Nationals and Baltimore Orioles stalled in their negotiations with him.
