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In 57 career appearances, all with Tampa Bay, Yates has fanned 63 in 56 1/3 innings, but he has been hampered by the long ball. He has allowed 14 homers -- including 10 in 20 1/3 innings last season -- while holding right-handed hitters to a .238 average.
Signed by the Rays in 2009 as an undrafted free agent, Yates has recorded 69 saves while pitching to a 2.67 ERA in seven Minor League seasons.
This marked the second time this offseason Yates moved in a cash transaction following his designation for assignment. Cleveland acquired him in that manner from Tampa Bay on Nov. 20.
The Yanks placed Yates on their 40-man roster, which now stands at 38.
Tom Singer is a reporter for MLB.com and writes an MLBlog Change for a Nickel. He can also be found on Twitter @Tom_Singer. This story was not subject to the approval of Major League Baseball or its clubs.