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By the time they reached New York it was 10 pages long and barely legible, owing to a bumpy trip. (a) Using an annual effective interest rate of 6% (a rate that figures in a six-year personal loan of $120,000 that Oakland's owner Charlie Finley had made to Hunter in 1969 and then promptly recalled), find the value of the specified payments to the insurance company at the scheduled time of the last payment. More precisely, there were to be semi-monthly contributions in Hunter's name to the Jefferson Insurance Company with the first payment on April 16 and the final. When the 24-year-old finished the 1970 season with an 18-14 recordtantalizingly close to his first 20-win campaignhe knew just where to look for the two missing victories. American, Southern, Vegetarian options $$$$ The others were Walter Johnson (10), Lefty Grove (7), and Bob Feller (5). By the end of the 1974 season, Jim Catfish Hunter was the ace on baseballs best team. vs. CHW 2.0 IP, 0 H, 2 SO, 1 BB, 0 ER, Last Game: Ultimately, though, New Yorks offer wasnt close enough to merit serious consideration. . I did everything I could to live up to the contract, but he still has not paid the money, Hunter told him. [3] The accident left Hunter somewhat hobbled and jeopardized his prospects in the eyes of many professional scouts, but the Kansas City Athletics signed Hunter to a contract. The images, titles, and descriptions are products of their time. Catfish Hunter was elected into the Hall of Fame in 1987. When Hunter asked, however, what would happen to the contract after he died, Kansas City GM Joe Burke told him that his demise would be the termination point. The pact was consummated with a handshake, no contract necessary. CREATIVE. Jim "Catfish" Hunter holds Yankee emblem after signing multi-million dollar contract. How . That last detail, it turned out, would prove to be instrumental in the years to come. It was 47 years ago, New Years Eve of 1974, that baseball changed forever. Catfish Hunter's 1974 baseball contract with the Oakland Athletics called for half of his $100,000 salary to be paid to a life insurance company of his choice for the purchase of a deferred annuity. The signing, announced at a New Year's Eve news conference, took place at the Yankee offices in the Parks Administration Building in Flushing, Queens, where intricate negotiations wound up after Hunter and his lawyers flew here from North Carolina earlier in the day. Find out more. Is Catfish Hunter in the Hall of Fame? Blue plastic ballpoint pen and cap. Hunter was the first pitcher since 1915 to win 200 games by age31. [2][30], While with the Yankees, Hunter was a resident of Norwood, New Jersey, preferring to live outside of New York City. I bought the whole town of Ahoskie drinks last night, and it only cost me two dollars.. While football, basketball and hockey have been subjected to costly bidding wars in the last 15 years because of the birth of competing leagues, baseball has never had that problem. Prior to the 1968 season, Finley moved the A's from Kansas City to Oakland. But that is exactly what he did. Hunter was by that time among baseballs best pitchers, with three straight 20-win seasons, three All-Star appearances in four years, and back-to-back top-five finishes in the Cy Young voting. Joked Burke, Well, we wont have to worry about that, will we? If the arbitrator sided with Hunter, the star pitchers contract could be voided. Heis often referred to as baseball's first big-money free agent, and was a member of five World Series championship teams.[1]. If you come to San Diego, he barked into the telephone, you can write your own check., Bavasi was informed that at that very moment Hunter was heading out the back door, to the airport and New York City. Hunter grew nervous, began losing sleep. As a fellow North Carolinian, hed endeared himself to the Hunter family, earning extra points shortly after Hunter first signed when Finley tried to backtrack and get the teenager to agree to a second contractdated 1965 instead of 1964that would have allowed him to be sent to the minors without penalty owing to the expiration of the bonus baby rule. It was Padres GM Buzzie Bavasi, who had just received approval from owner Ray Kroc to increase his already enormous offer, worth $4.5 million, including cash, stock, and a McDonalds franchise. The total. This is a digitized version of an article from The Timess print archive, before the start of online publication in 1996. Please email us if you have further information on the rights status of an image contrary to or in addition to the information in our records. Order online. 1972-74 Oakland Athletics, .avia-section.av-k6v62xgq-c0812a68936ee67ed4883eaa9d35be9b{ Although his contemporaries were earning much moreTom Seaver made $173,000 in 1974, and Steve Carlton $165,000Catfish had no way of knowing that. (b) Suppose that the contracted payments had been made to the insurance company from April 16, 1974 through September 30, 1974, and that they accumulated at an annual effective interest rate of 6%. In the Dodger Stadium press box, the agent laid it all out for the assembled media, adding that Hunter was not talking because his focus was on the World Series. On Dec. 16, Seitz formally upheld Hunters grievance but failed to mention the crucial out clause that would grant the pitcher freedom. I tried not to think the worst of him, but it was impossible.. He was owed $100,000 total in 1974, with $50,000 to be paid to him directly from Finley and the remaining half to be issued in monthly payments on an insurance annuity. [31], He returned to his farm in Hertford where he grew soybeans, corn, peanuts, and cotton, and was a spokesman for diabetes awareness. Hunter won his Opening Day start in 1977, limiting the Milwaukee Brewers to three hits over seven shutout innings in a 30 victory on April7. If he hadnt agreed to the arrangement, after all, it could hardly be valid. The tournament has raised over $200,000 since 1999. Upon landing in New York at 6:00 p.m., the group sped to Pauls office, where they pored over the details, point by point. Dec. 31, 1974: Catfish. 2003-2023 Chegg Inc. All rights reserved. He had just completed a stellar season, capturing the Cy Young Award after leading the American League in wins (25) and earned run average (2.49) and powering the Oakland Athletics to their third consecutive World Series title. They might not rank with the trade for a Babe Ruth, but they'll do for their present needs. In 1974, baseball was still operating under the reserve clause, which stipulated that a team retained complete control of a player unless he was given his unconditional release. But before Steinbrenner had gone off to serve his suspension, hed said this to Paul: Any time you have the opportunity to get control of a player for cash, go ahead.. Hunter had arm troubles in New York and was diagnosed with diabetes, and he only occasionally looked like the pitcher who had gone 88-35 over his final four seasons with the As. Two weeks after he won his arbitration, Hunter became the highest-paid player in baseball and highest-paid pitcher in history when he signed a five-year contract with the New York Yankees worth $3.35 million. That was moment that George Steinbrenner became relevant to baseballs landscape, and that Charles O. Finley became an afterthought. Gabe Paul, the Yankee president, refused to disclose monetary terms but it was believed to be a $3.75million package. I hung up the phone, Hunter said at the time when he learned of the ruling, and turned to my wife and said, We dont belong to anybody.. This time they're confident Finley won't beat them, but, Paul added, The courts take precedence over everything. There was no questioning, however, that Catfish meant every word he said. Do you have a sports website? Starting with Catfish Hunter's landmark contract for the 1975 season, let's go back and find the pitchers who set the marks for highest total value contract. Show your love of the game and play a part in preserving past and ensuring the future of the Baseball Hall of Fame. Some owners even flew to Hunters country home in North Carolina to woo the star right-hander. 555 N. Central Ave. #416 According to the union, Hunter could proclaim himself a free agent as of Sept. 26, but he did not want to distract from Oaklands playoff push. Joseph Flythe, one of the attorneys from Ahoskie, N.C., said six other teamsPittsburgh, Los Angeles, Montreal, San Diego, Kansas City and Clevelandremained in the serious bidding until Hunter decided he wanted to join the Yankees. While playing for the Yankees, Catfish Huntercontinued to perform well. Yankees Sign Up Catfish Hunter In Estimated $3.75Million Deal, https://www.nytimes.com/1975/01/01/archives/yankees-sign-up-catfish-hunter-in-estimated-375million-deal-hunter.html. Catfish Hunter joined the Yankees in 1975 after a contract breach made him a free agent following 10 seasons with the Athletics, including three as a teammate with Dave Hamilton (right). Starting with Catfish Hunter's landmark contract for the 1975 season, let's go back and find the pitchers who set the marks for highest total value contract. My confidence grew as the hearing developed, Miller said. "How a contract breach led Catfish Hunter to become baseball's first real free agent", "Catfish forever altered economics of sports", "Catfish selects Yankees, Pirates offer short $ $", "Hunter ruling stands but Finley to appeal", "Yearly League Leaders & Records for Complete Games", "Blue Jays Beat Yanks; Hunter on Disabled List", "Catfish Hunter still planning on retirement", "Hunter regains consciousness after fall", "Ace pitcher and baseball's first free-agent star", "Hunter Is Buried in the Town Where He Learned Baseball", "Perquimans County Chamber of Commerce/Visitor Center & Jim "Catfish" Hunter Museum", The ALS Association Jim "Catfish" Hunter Chapter, https://en.wikipedia.org/w/index.php?title=Catfish_Hunter&oldid=1136285306, May 13,1965,for theKansas City Athletics, September 17,1979,for theNew York Yankees, Career statistics and player information from, This page was last edited on 29 January 2023, at 16:54. us, Died: Discover one-of-a-kind artifacts and get lost in sweeping exhibitions that explore pivotal moments in the game and its impact far beyond the field. Hunter, Kluttz, and a coterie of lawyers from Cherrys office met Greenwalds plane at the Suffolk Airport in Virginia, some 45 minutes away. [37], Along with Billy Williams and Ray Dandridge, Hunter was inducted into the Baseball Hall of Fame in Cooperstown in 1987. After a contract violation on an annuity by Finley in 1974, Catfish Hunter won arbitration in December and he was allowed to leave the Athletics as a free agent. For the first time since the 1870s, a major league player was free to offer his services to the highest bidder. One of the ironic parts of this story -- still such a huge story and turning point in baseball history -- is that even though it was the beginning of the way George Steinbrenner would also change baseball forever, Steinbrenner was suspended from the game at the time because of illegal contributions to the Richard Nixon presidential campaign (a felony for which he was eventually pardoned). There was no indication what it was about. Kluttz talked about the rabid fan base and increased opportunities in the countrys largest media market. Hunter and his team entertained between three and five clubs a day, 48 executives in all by the time things wrapped up. The Book: Playing the Percentages in Baseball, Salaries may not be complete (especially pre-1985) and may not include some earned bonuses, Note, this is done in an automated way, so we apologize for any errors, & please.