Yankees Owner Hal Steinbrenner Discusses Meeting with Free Agent Juan Soto

In a recent development, Yankees owner Hal Steinbrenner confirmed that the team’s officials held a meeting with free agent slugger Juan Soto in California. Steinbrenner described the encounter as a "good meeting" that featured "very honest back-and-forth dialogue," though he refrained from sharing many specifics.

"Our fans really enjoyed having him in New York," Steinbrenner remarked Wednesday at the MLB owners' meetings. "He's definitely 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 out to the West Coast if it wasn't."

The Yankees' delegation for the meeting included general manager Brian Cashman, manager Aaron Boone, president Randy Levine, and Omar Minaya, a special assistant to the general manager. While Steinbrenner did not disclose the details of the team’s pitch to Soto or any offers made, he did mention that he assured Soto of establishing a relationship akin to those he has with franchise stars Gerrit Cole and Aaron Judge if Soto decides to re-sign with the Yankees. He also noted that Soto inquired about the organization's player development system.

When asked about his confidence in re-signing Soto, Steinbrenner responded, "No idea. We'll be in the mix. I'll leave it at that."

Beyond the Yankees, Soto has met with several other teams over the past week, including the New York Mets, Toronto Blue Jays, Boston Red Sox, and Los Angeles Dodgers. The Mets, supported by owner Steve Cohen's substantial resources, are seen as the Yankees' main competition for Soto's signature.

"I could say that about a couple other owners too," Steinbrenner said, addressing concerns about Cohen's spending power. "Or corporations, for that matter, that represent the ownership group. So, I mean, of course it's a concern."

The Yankees previously acquired Soto and outfielder Trent Grisham from the San Diego Padres last December in exchange for five players. At the time, the Yankees understood that retaining Soto, an accomplished three-time All-Star entering his age-25 season, would necessitate a substantial investment. Soto's stellar 2024 season further increased his market value, as he formed a powerful partnership with Judge.

In 2024, the 26-year-old right fielder hit a career-high 41 home runs, with a .288 batting average, .989 OPS, 129 walks, and an American League-leading 128 runs scored. His outstanding performance earned him his fourth All-Star selection and an 8.1 fWAR, ranking fourth in the majors. Soto’s combination of production and entertainment value helped lead the Yankees to their first World Series appearance since 2009.

Soto's impending free agency initially led the Washington Nationals to trade him in July 2022 after he declined a 15-year, $440 million offer. This situation eventually prompted the Padres to trade him last year. Now, Soto is expected to secure a contract exceeding $500 million, potentially setting new records for total value and annual average value.

Last offseason, Steinbrenner mentioned that the Yankees had a "walkaway" number when negotiating with right-hander Yoshinobu Yamamoto, who ultimately signed with the Dodgers. He indicated that he hasn't applied this concept to Soto yet.

With Soto's $31 million salary for 2024, the Yankees had about $80 million in free agent contracts coming off their books, having managed a $300-million-plus luxury tax payroll. Steinbrenner reiterated that maintaining such a high payroll is not sustainable.

​This meeting and the potential re-signing of Soto represent significant considerations for the Yankees' future, as they aim to balance their financial strategy with the pursuit of top-tier talent.