The Cubs will be receiving 21-year-old right-hander Corey Black in the trade. Black, who has been pitching at Class-A Tampa, is 3-8 with a 4.25 ERA in 19 starts this season. Never heard of him before today. I'm sure the Cubs will be sending him to either Kane County or Daytona soon enough.
The trade is reportedly awaiting the approval of MLB commissioner Bud Selig. Soriano, 37, is owed $24.5 million on his contract which runs through the end of the 2014 season. Reports indicate the Cubs will send $17.7 million to the Yankees as part of the deal. That seems like a lot, but hey, it's sunk cost at this point and the Cubs are actually saving about $7 million. Best of all, they make Soriano go away and open up a spot in their outfield for a younger player who might be part of their future plans.
Soriano waived his 10-and-5 rights to accept the deal. In many ways, this is the official end of the Jim Hendry Era for the Cubs. Soriano was the last player on the roster with full no-trade rights.
As GM, Hendry handed out no-trade clauses like candy. Derrek Lee, Aramis Ramirez, Ryan Dempster, Carlos Marmol, Soriano, they were all exceedingly hard to get rid of, in part, because they had no-trade protection in their contracts.
The new regime on the North Side isn't big on handing out no-trade clauses, and they'd be wise to keep it that way. Now that Soriano is gone, any player on the Cubs roster can be traded at any time without their consent. That's obviously a more favorable situation for management.
