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Monday, January 5, 2009
Updated: January 6, 1:28 PM ET
Yankees, Teixeira to finalize contract

Associated Press

NEW YORK -- The New York Yankees scheduled a news conference Tuesday to announce Mark Teixeira's $180 million, eight-year contract has been finalized.

The deal was agreed to Dec. 23, but the sides had to complete contract language, and the first baseman had to pass a physical.

New York has committed $423.5 million on three free-agent additions during the offseason after its streak of 13 consecutive postseason appearances came to an end. On Dec. 18, the Yankees finalized a $161 million, seven-year contract with left-hander CC Sabathia and an $82.5 million, five-year deal with right-hander A.J. Burnett.

The news conference will be one of the final events at the old Yankee Stadium. The team moves into the new $1.3 billion Yankee Stadium, across 161st Street, next season.