NEW YORK (AP) -- Albert Pujols officially joined the Los Angeles Angels when Major League Baseball and the players' association confirmed the terms of the first baseman's 10-year contract and agreed its guaranteed value is $240 million.
The deal was reached four weeks earlier on the final day of the winter meetings. The contract took nearly a month to draft and was completed Thursday.
The team and Pujols will enter a 10-year, personal-services agreement following the playing contract's expiration or Pujols' retirement, a deal that will pay $1 million annually. But because it is contingent on Pujols actually working for the team, it is not considered guaranteed money for the purposes of baseball's luxury tax.
Pujols also will be paid separately for milestone accomplishments under a separate marketing agreement.