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Red Sox sign Yoan Moncada to $31.5 million bonus

The infield prospect will receive a $30 million signing bonus from Boston.

Yoan Moncada was declared a free agent at the beginning of February, and his agent was confident it would only take a number of days until the Cuban infielder agreed to terms with a team. According to Jesse Sanchez of and Joel Sherman of the New York Post, Moncada has agreed to join the Red Sox, receiving a bonus worth $31.5 million.

Because of international signing penalties, Boston will have to pay an 100% tax on the deal, meaning their commitment to Moncada will cost them $63 million for six years of major-league service time. Moncada, 19,  is expected to spend a couple of seasons in the minors before reaching the majors and contributing for Boston.

ESPN's Jerry Crasnick reported that Moncada's agent, David Hastings, was hoping to have a deal completed by February 23, and Hastings was successful in getting a deal done. Before the deal was completed, Hastings noted Moncada would like to report to a team's spring training camp as soon as possible. With full club workouts underway this week, Moncada will likely report to Fort Myers in the next few days.

In addition to the Red Sox, the Yankees, Padres and Brewers were known to be in the hunt for Moncada, who profiles as a second baseman but is likely athletic enough to switch positions. According to the Boston Globe, many evaluators feel he would benefit from time in the minor leagues to further develop.

Boston was already expected to compete in 2015, and adding Moncada should prove to only help their cause. The team has added Rusney Castillo, Pablo Sandoval, Hanley Ramirez, Rick Porcello, Wade Miley and Justin Masterson in recent months.