FORT MYERS, Fla. (AP) -- The Boston Red Sox have finalized a minor league contract with 19-year-old Cuban infielder Yoan Moncada that includes a $31.5 million signing bonus, easily a record for an international amateur free agent under 23 years old.
The Red Sox announced the deal Thursday night and called a news conference for Friday to introduce Moncada. He will be assigned to the team's minor league camp at spring training.
Moncada receives $5 million of the signing bonus within 30 days of the contract's approval by Major League Baseball and $2.5 million by Dec. 31, according to contract information obtained by The Associated Press.
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In 2016, he gets $2.5 million by Jan. 31, $3 million by April 1 and $2.5 million by Oct. 31, and then in both 2017 and 2018 he receives $5 million by Jan. 31 and $3 million by Oct. 31.
Because the Red Sox already were over their international signing bonus pool total of $1,881,700 for the period from last July 2 through this June 15, they must pay a 100 percent tax to MLB on the $31.5 million. That money is due by July 30, and according to baseball's collective bargaining agreement the commissioner's office "may use the tax proceeds to further the international development of baseball."
In addition, for the signing periods starting on July 2 this summer and in 2016, the Red Sox will be ineligible to give a signing bonus of more than $300,000 to any international players subject to the pool.
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The previous high signing bonus for an international amateur free agent under 23 was $8.26 million for pitcher Yoan Lopez, who finalized an agreement with Arizona on Jan. 16.
The switch-hitting Moncada played two seasons for the top league in Cuba and spent last year at second base.
Moncada's agent and the Red Sox reached agreement on the deal on Feb. 23. Moncada had to pass a physical before the contract was completed.