[Extra Update]
Done deal according to MLB.COM
Payroll is dropping fast. Eric should be here with a payroll update any second. Are the McCourt's getting ready to splurge on Manny and a pitcher, or just Manny, or nobody and build 50 more fields, or buy another Malibu house, or simply count their money?
[Update]
SI is reporting that the refinance has been completed
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Reports are circulating that the Dodgers are trying to renegotiate the A Jones contract to free up some money to sign Manny. Boras is involved on both sides as he represents Jones and Manny.
A Jones is owed:
15 Million in Salary in 2009
2.1 Million as part of his bonus in 2009
5.0 Million in 2010 as part of his bonus
He also has a full no trade clause.
If this was basketball the Dodgers would simply buy out Jones and make him a free agent but I don't recall that ever happening in baseball. Why would Jones agree to modifiy his contract?
1. If the Dodgers sign Manny he's is going to be a 4th or 5th outfielder and he wants to play. With his current contract he is untradeble.
2. If he agrees to modify his contract so that the amount is the same but spread out over three years it would make it easier to trade him.
Stay tuned, this could get interesting.