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February 24, 2008
Sean McAdam reported this morning that the Red Sox and manager Terry Francona came to terms on a three-year contract extension worth $12 million. The club has now made an official announcement. The deal also includes two-year club option for the 2012 and 2013 seasons.
“On behalf of John Henry, Tom Werner, Larry Lucchino, and the Red Sox organization, I am very pleased to make this announcement,” said general manager Theo Epstein. “Terry Francona has done an outstanding job in managing the Red Sox over the last four seasons. This is demonstrated not only in the three playoff appearances and two World Series victories but also in the way in which he handles the demands of managing in Boston on a day-to-day basis, both on and off the field. It also represents a strong and sincere commitment by our ownership.”
Negotiations were completed earlier this morning and Epstein told the entire squad of the news as the Red Sox players were stretching prior to the work out.
The three-year deal is worth approximately $12 million, making Francona the third-highest paid manager in baseball behind the Dodger' Joe Torre and the Cardinals' Tony La Russa.
“I want to thank the Red Sox ownership and management for their tremendous support,” said Francona. “From the resources provided by the ownership group and front office to a great collection of players and the passion and loyalty of the fans, there is no doubt that Boston is the best place to manage in the major leagues. I look forward to being in a Red Sox uniform for many years to come.”
Red Sox ownership had said that getting Francona an extension would be a priority, but talks only intensified last week with Francona's agent conducting talks on behalf of the manager.
McAdam reported last week that Francona and his agent had dinner with ownership to discuss a new contract. The manager's current deal, which he signed in February of 2006, was set to expire at the end of the '08 season.
This new deal more than doubles his 2008 salary of $1.75 million.
Sean will have more on this in Monday's Journal.
Posted by Joe McDonald 
at 12:44 PM | Permalink
dan | February 24, 2008 1:18 PM link
This is a great move in todays world of sports stars it is much more important to know how to get the most out of everyone on the team by knowing how each person is best motivated.Some of the players need to be patted on the back, need to be prodded gently while others need a kick in the ass. Knowing how to do this and still keeping the respect of all the team members is vital, Terry knows how to handle people. After all the definition of management is getting things do through others.