NEW YORK -- Yankee Stadium is set to host what may be its final gala Tuesday, as the Yankees prepare to introduce another winter prize in first baseman Mark Teixeira.
Teixeira agreed to an eight-year, $180 million contract with the Yankees on Dec. 23, though an official announcement was delayed by the holidays. The club has scheduled a news conference for 1 p.m. ET in the Sony Stadium Club.
The 28-year-old switch-hitter completed his physical in New York on Monday and prepares to join a roster that will move across the street to the new Yankee Stadium in April, having also added CC Sabathia and A.J. Burnett this offseason as general manager Brian Cashman paced the Hot Stove league.
Including their financial layout to Teixeira, the Yankees have now committed $423.5 million to three free agents. The other 29 Major League clubs have spent a total of $372.2 million on 46 free agents.
In Teixeira, the Yankees have secured a Gold Glove-caliber defender to upgrade over the departing Jason Giambi at first base, while also adding a lethal bat to help protect three-time MVP Alex Rodriguez in New York's order. He will get an in-person look at the new Yankee Stadium during a photo opportunity following the news conference.
The most coveted offensive player on the market, Teixeira will address the unexpected turn in his negotiations two days before Christmas, an afternoon that opened with him appearing to head to the Red Sox and closed with the Yankees topping Boston's best bid by approximately $10 million.
New York's efforts in the Scott Boras-driven negotiating process were similar to its pursuit of outfielder Johnny Damon after the 2005 season. That winter, the Bombers maintained they had little to no interest in Damon, but then jumped in with a offer when discussions with Boston hit a standstill.
The Orioles, Nationals and Angels were also seriously involved in discussions for Teixeira, who split his season between the Braves and Angels, batting .308 with 33 home runs and 121 RBIs.
Teixeira, who will turn 29 on April 11, was the No. 5 overall pick in the 2001 First-Year Player Draft out of Georgia Tech and broke in with the Rangers in '03 as a teammate of A-Rod's.
He spent 4 1/2 seasons with Texas before he was shipped to Atlanta in the middle of the 2007 season, rejecting an eight-year, $140 million extension offer from the Rangers. In six Major League seasons, Teixeira is a .290 career hitter with 203 home runs and 676 RBIs in 904 games.
The deal gives the Yankees control of the four biggest contracts in the game, joining pacts signed by Rodriguez (10 years, $275 million), Derek Jeter (10 years, $189 million) and Sabathia (seven years, $161 million).
Bryan Hoch is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.