Lee passes on $30M to sign with Phillies

Turns out the Philadelphia Phillies do have enough money for both Cliff Lee and Roy Halladay -- and Roy Oswalt and Cole Hamels, too.

A year after Phillies traded him away, Lee chose to rejoin them and form a fearsome foursome that is the envy of all of baseball.

The free-agent pitcher passed up an extra $30 million from the New York Yankees and reached a preliminary agreement on a $120 million, five-year contract with the Phillies, two people familiar with the deal told the Associated Press. Lee approved the idea of signing with Philadelphia on Monday night when talks hit the $100-million mark, one person said, adding that final negotiations brought the figure higher.

"That's the most I've ever seen a player walk away from," former Mets General Manager Omar Minaya said. "It's unprecedented."

The agreement includes a buyout of a 2016 option and is subject to the 32-year-old left-hander passing a physical, one person said on the condition of anonymity because the agreement was not final.

The Yankees and Texas Rangers had been considered the front-runners, but the Phillies wound up with the most-prized free agent of the offseason, reaching a deal that gives them a dominant rotation that likely is the strongest in the majors.

Lee, the 2008 AL Cy Young Award winner, joins Halladay, a two-time Cy Young Award winner who won the NL honor last month.

Seattle traded Lee to Texas in July, and Lee pitched the Rangers into the World Series for the first time.

The Phillies have been considering trading pitcher Joe Blanton and/or outfielder Raul Ibanez to clear payroll space, a person familiar with Philadelphia's deliberations said.

Martin close to joining Yankees

Russell Martin's split with the Los Angeles Dodgers is almost official.

The two-time All-Star catcher has agreed to a contract with the New York Yankees, according to a baseball source who spoke on the condition of anonymity because the deal isn't complete.

With the Yankees planning to make Jorge Posada a full-time designated hitter and the other catchers on their roster short on major league experience, Martin could receive a bulk of the playing time behind the plate.

Overbay signs with Pirates

Free-agent first baseman Lyle Overbay reached a one-year deal with the Pirates, returning to the NL after five seasons with Toronto.

Overbay, 34 next month, hit 20 home runs and 37 doubles last year with the Blue Jays. He batted .243 with 67 RBI, the second fewest among all major league starting first basemen with at least 475 at-bats at the position.

In other baseball news: Reds outfielder Jay Bruce reached agreement on a six-year contract through the 2016 season with a club option for 2017. ... The A's and free agent slugger Hideki Matsui finalized a one-year contract after he passed a physical. The 36-year-old Matsui batted .274 with 21 home runs and 84 RBI last season with the Angels. ... Free-agent catcher Gerald Laird and the Cardinals reached agreement on a $1 million, one-year contract. ... Free-agent catcher Dioner Navarro agreed to a $1 million, one-year contract with the Dodgers. ... Mariano Rivera and the Yankees finalized their $30 million, two-year contract. ... Matt Stairs agreed to terms with the Nationals on a minor league contract.

Beard is working on a memoir that will tell of her life away from the pool, a "harrowing journey" through drugs, alcohol and eating disorders.

The 29-year-old Beard won Olympic gold medals in 1996 and 2004.

"In the Water They can't See You Cry" will be released in April 2012. The book is timed to come out before Beard competes for the 2012 games in London.

AROUND THE HORN

Sailing: Working to meet a Friday deadline, the San Francisco Board of Supervisors has unanimously approved an agreement needed to keep alive the city's bid to host the 2013 America's Cup.

America's Cup official Stephen Barclay said in a statement that organizers need to study the details of the agreement. However, Barclay says the resolution enables San Francisco to remain on track to provide a signed agreement to host the competition for the oldest trophy in international sports.