2 Mar 2012

Yankees to trim payroll

8:36 am on 2 March 2012

Times are tough in New York.

The New York Yankees baseball club, the team with one of the highest payrolls in American sport, has decided to trim their outgoings.

The club says their payroll will be drastically trimmed, all the way down to 225 million by the start of the 2014 season.

The reason is the luxury tax, into which the Yankees have paid more than 90 percent of the total collected by Major League Baseball since it was instituted in 2003.