Yankees owner Hal Steinbrenner confirmed that team representatives recently met with free-agent slugger Juan Soto in California, describing the meeting as “good” and emphasizing “honest back-and-forth dialogue.” While he refrained from revealing specific details, Steinbrenner acknowledged the significance of Soto to the Yankees’ success.
“Our fans really enjoyed having him in New York,” Steinbrenner said on Wednesday at MLB’s owners’ meetings. “He’s a significant part of why we got to the World Series. I’ve got ears. I know what’s expected of me. So, look, it’s been a priority. We wouldn’t have gone to the West Coast if it wasn’t.”
Yankees’ delegation and and Juan Soto’s inquiries
Reports of the meeting had already surfaced, but Steinbrenner clarified that the Yankees’ delegation included GM Brian Cashman, manager Aaron Boone, president Randy Levine, and special assistant Omar Minaya. The specifics of the pitch or potential offers were not disclosed. However, Steinbrenner shared that he offered to establish a strong relationship with Soto, similar to those he maintains with Gerrit Cole and Aaron Judge, should Soto decide to re-sign. Soto, for his part, inquired about the team’s player development system.
When asked if he was confident about retaining Soto, Steinbrenner remained cautious: “No idea. We’ll be in the mix. I’ll leave it at that.”
Soto has also met with the Mets, Blue Jays, Red Sox, and Dodgers. The Mets, backed by owner Steve Cohen’s wealth, are seen as the Yankees’ primary competition. “I could say that about a couple of other owners too,” Steinbrenner remarked about Cohen’s spending power. “Or corporations, for that matter, that represent ownership groups. Of course, it’s a concern.”
The Yankees traded for Soto and Trent Grisham last December, parting with five players in the process. They were aware that retaining Soto beyond 2024 would require a significant financial commitment. Soto, now 26, delivered an outstanding 2024 campaign, hitting a career-high 41 home runs, with a .288 batting average, .989 OPS, and an AL-leading 128 runs scored. His 8.1 fWAR ranked fourth in MLB. He also brought flair and showmanship, cementing his status as one of the game’s elite players.
Soto’s impending free agency follows his refusal of a 15-year, $440 million offer from the Nationals in 2022, leading to his trade to the Padres. With a projected contract exceeding $500 million, Soto is expected to set records for both total and annual value. The Yankees’ willingness to meet such demands remains uncertain.
Financial constraints
Last offseason, the Yankees established a “walkaway” figure for right-hander Yoshinobu Yamamoto, who ultimately signed with the Dodgers. Steinbrenner said he hasn’t yet considered applying the same strategy to Soto.
Including Soto’s $31 million salary in 2024, the Yankees cleared approximately $80 million in free agents from a payroll that exceeded $300 million. Steinbrenner reiterated that maintaining such payrolls is not sustainable long-term but noted, “We’ve got the ability to sign any player we want to sign.”
Steinbrenner said the Yankees’ next steps in pursuing Soto are unclear, adding, “Haven’t made that decision. But again, guys are going to start to come off the board, right? So that’s a discussion that needs to be had.”
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