In a team press release, the Philadelphia Phillies have announced that they signed left-handed pitcher Cliff Lee to a five-year, $120 million contract. The contract includes a vesting option for 2016 and bonuses.
T.R. Sullivan of MLB.com was the first to report the deal on Monday evening. Lee left millions on the table in order to sign with the Phillies rather than return to the Texas Rangers or go with the New York Yankees. Both teams were offering longer and higher value contracts.
Lee went 12-9 with a 3.18 ERA in 28 starts for the Seattle Mariners and Texas Rangers in 2010. Lee returns to the team that he spent the latter half of 2009. He helped them reach the World Series in a losing effort to the Yankees.