New York agreed to terms with Dominican shortstop Luis Torrens, Venezuelan outfielder Alexander Palma and switch-hitting Dominican shortstop Yancarlos Baez, according to MLB.com's Jesse Sanchez. Torrens is MLB.com's No. 6 international prospect, and Palma is ranked seventh. Torrens' deal is worth $1.3 million, Palma agreed to an $800,000 contract and Baez will sign for $650,000. The Yankees have not confirmed the signings.
"I'm so happy," Palma told MLB.com. "This is very emotional. The only thing to do now is to go forward and keep working hard to get to the Major Leagues."
The new Collective Bargaining Agreement gives each club a $2.9 million signing pool for 2012-13, and any team that exceeds that amount will be penalized. By signing Torrens, Palma and Baez, the Yankees have spent approximately $2.75 million, giving them about $150,000 to work with.
Starting in 2013-14, the signing pools will be based on teams' winning percentages the prior season, with a minimum of around $1.7 million and a maximum of approximately $4.8 million.