American League Most Valuable Player Alex Rodriguez has officially become a New York Yankee, after Major League Baseball commissioner Bud Selig approved the record-setting trade from the Texas Rangers. Texas will pay $67 million of the $179 million left on Rodriguez's record $252 million, 10-year contract. The Rangers get All-Star second baseman Alfonso Soriano and a player to be named later from the Yankees, but they also will pay Rodriguez through 2025.

Selig said Monday he was concerned with the large amount of cash consideration involved in the transaction, and the length of time over which the cash is being paid. The commissioner added that he would not allow cash transfers of this magnitude to become the norm, but approved the deal because of its unique circumstances.

A seven-time All Star at shortstop, Rodriguez will move to third base where he will replace the injured Aaron Boone. New York will keep Yankees captain Derek Jeter at shortstop. The Rangers will wind up paying $140 million for three seasons with Rodriguez, an average of $46.7 million annually for three last-place finishes in the AL West. The Yankees will owe him $112 million over seven years. The Yankees, already the biggest spenders in the major leagues, will raise their annual payroll to about $190 million.

Some information for this report provided by AP.