Red Sox announce signing of Yoan Moncada

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The two sides reached an agreement late last month, but the Red Sox just officially announced that they have signed Cuban infielder Yoan Moncada to a minor league contract. The team will hold an introductory press conference tomorrow at 11:30 a.m. ET, per FOX Sports’ Jon Morosi.

The Red Sox will reportedly give Moncada a bonus of $31.5 million, which smashes the previous record for an international amateur under the current system. The Diamondbacks briefly held that distinction when they gave $8.27 million to right-hander Yoan Lopez in January. The Red Sox will also have to pay a 100-percent tax for exceeding their international bonus pool, so the total outlay for signing him will be $63 million. They have until July 15 to pay the tax and up to three years to pay the bonus.

It’s a big price to pay for a 19-year-old, but Moncada drew raves from scouts and Ben Badler of Baseball America recently ranked him as the No. 10 prospect in the game. He’s expected to find a home at second base, third base, or the outfield in pro ball and some believe he could make his way to the majors as soon as next season.