After a dramatic and covert free agency process, the Los Angeles Dodgers finally signed Shohei Ohtani to a 10-year, $700 million contract.

In a statement, Ohtani said, “Dodger fans, thank you for welcoming me to your team.” “I firmly believe that bringing World Series parades to Los Angeles’ streets is a goal that the Dodger organization, you, and I all share.”

Despite being the richest contract in the history of professional sports, Ohtani’s contract has an astounding $680 million in deferred salary. The 10-year contract calls for the 29-year-old to earn a meager $2 million every season.

The Dodgers will need that contract structure if they want to add more talent to their roster in the upcoming offseason and in years to come. Ohtani is expected to emerge as the team’s newest international star and a key player in the lineup in the interim.

The controlling owner of the Los Angeles Dodgers, Mark Walter, said, “On behalf of the L.A. Dodgers and our fans everywhere, we welcome Shohei Ohtani to the Dodgers, the home of Jackie Robinson, Sandy Koufax, and Hideo Nomo, three of the sport’s most legendary and pathbreaking players.”

We’d like to congratulate him on signing this historic contract with our legendary team. Shohei is one of the world’s most exciting professional athletes and a once-in-a-generation talent. Together with Shohei, our players, staff, management, and ownership are eager to support the Dodgers in their ongoing efforts to add players, make improvements, and pursue excellence on the field.

“We will work with Shohei to increase the number and diversity of people who enjoy Major League Baseball’s excitement worldwide.”

The luxury tax number of Shohei OhtaniAlthough Ohtani will receive a $2 million salary, it is estimated that the entire amount that will be deducted from the Dodgers payroll for luxury tax purposes will be in the region of $46 million.