Sources say the two sides agree to a signing bonus of $6 million
By Jesse Sanchez
The Giants are on the verge of adding another athletic infielder to their Minor League system, coming to terms with shortstop Lucius Fox of the Bahamas on a bonus of $6 million, according to industry sources.
A press conference was held in the Bahamas on Thursday morning to announce Fox's signing.
The Giants also agreed to sign catcher Ricardo Genoves of Venezuela for $550,000. The club has not confirmed the agreements.
In accordance with the Collective Bargaining Agreement, each team is allotted a $700,000 base and a bonus pool with four slot values based on the team's record in 2014 for the international signing period, which started Thursday. The Giants' overall pool total for this year's signing period is $ 2,130,900.
Fox's signing would send the Giants into the penalty. He had been linked to the Dodgers for several months and was expected to sign for an estimated $4 million.
Teams that exceed the pools by 0 to 5 percent have to pay 100 percent tax, and teams that exceed the pools by 5 to 10 percent are not allowed to sign a player for more than $500,000 during the next signing period and also have to pay a 100 percent tax on the pool overage. Teams that exceed the pools by 10 to 15 percent are not allowed to sign a player for more than $300,000 during the next signing period and have to pay a 100 percent tax on the pool overage.
In the most severe penalty, teams that exceed the pool by 15 percent or more are not allowed to sign a player for more than $300,000 during the next two signing periods, in addition to paying a 100 percent tax on the pool overage.
Fox grew up in the Bahamas and played high school baseball in the United States. He eventually participated in showcases such as the Perfect Game National and the East Coast Pro Showcase. On defense, Fox is a sure-handed fielder with quick actions, and he has a strong enough arm to keep him at shortstop. He can also play second base. On offense, he's known for his ability to put the ball in play, and he can spray the ball to all fields.
Jesse Sanchez is a national reporter for MLB.com. Follow him on Twitter @JesseSanchezMLB. This story was not subject to the approval of Major League Baseball or its clubs.