NEW YORK (AP) — Players who appeared for the major leagues for less than four years from 1947-79 will receive payments of up to $10,000 in each of the next two years under an agreement between Major League Baseball and the players' association.
At least 904 players will receive money under the agreement, according to Dan Foster, chief executive officer of the Major League Baseball Players Alumni Association. The size of each payment will depend on quarters of service.
The payments will be funded mostly from money paid from the luxury tax assessed each year on high-spending teams. Of the $209.8 million in tax money raised since 2003, $192.2 million has been contributed by the New York Yankees.
"Sometimes in life, it's just the right thing to do," Commissioner Bud Selig said at a news conference Thursday. "I believe baseball is a social institution, and with that comes social responsibilities."
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