Big money upfront as Cubs sign pitcher Lester to $155-M package

NEW YORK — Jon Lester set Major League Baseball records for largest signing bonus and biggest upfront payment with his $155 million, six-year deal with the Chicago Cubs.

The pitcher’s contract calls for a $30 million signing bonus, with $15 million due by April 1, a person familiar with the agreement told The Associated Press Sunday. The person spoke on condition of anonymity because details have not been announced.

The previous high for a signing bonus had been Vernon Wells’ $25.5 million under a $126 million, seven-year deal with Toronto that covered 2008-14 and was announced in December 2006. Wells’ bonus was payable in three equal instalments on March 1 each year from 2008-10.

Lester’s upfront payment tops a mark set Dec. 8 by Cuban defector Yasmany Tomas. The Arizona Diamondbacks agreed to a $14 million signing bonus for the Cuban outfielder-third baseman, all payable within 30 days of the deal’s approval by Major League Baseball.

Tomas broke a record that had stood since January 1993, when Cecil Fielder agreed to a $36 million, five-year contract with Detroit that included an upfront signing bonus of $10,187,500.

Chicago and Lester spread out the rest of the signing bonus in three stages, with $2.5 million payments due by Dec. 31 in 2018 and 2019, and a final $10 million instalment by Sept. 15, 2020.

Lester’s contract was agreed to last Tuesday by the Cubs and agents Sam and Seth Levinson. The Cubs said Saturday they will introduce Lester on Monday at Spiaggia Restaurant, a favourite of President Barack Obama and his family.

Lester’s deal includes an option for 2021 that, if it becomes guaranteed, would make the deal worth $170 million over seven seasons.

The three-time All-Star turns 31 next month.