Kaplan: Sox protected by insurance policy for Peavy

Kaplan: Sox protected by insurance policy for Peavy
April 19, 2011, 7:28 pm
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Tuesday, April 19, 2011
Posted: 2:24 p.m.

By David Kaplan
CSNChicago.com

Thank Goodness for Insurance

Baseball sources tell us that while Jake Peavy's contract calls for him to be paid 16 million in 2011 and 17 million in 2012, plus a 4 million dollar buyout of his 2013 option year which was for 22 million, the White Sox are significantly protected by an insurance policy that was originally purchased by the San Diego Padres when Peavy signed his current three-year deal in 2009. While exact figures are not available we hear that approximately 65 of the dollars owed to Peavy are covered by insurance. Depending on the severity of his injury, that savings should allow the White Sox some flexibility if they decide to trade for another pitcher during the season.

Peavys agent Barry Axelrod would not comment on the value of the insurance policy but he did tell us that his client fully cooperated when the Padres went to insure the contract. We had a responsibility to cooperate and do all that was asked by the insurance company and Jakes former club (San Diego) to allow them to insure his deal and we did do that.

Axelrod also told us that it is now much more difficult to insure long term deals on pitchers than it was just a few years ago. Industry wide it is becoming much more difficult to insure a contract for a pitcher beyond three years because of the risk of injury in the job, Axelrod said.

Iowa hoopster Cully Payne transfers to Loyola

Former Schaumburg HS basketball star Cully Payne has decided to transfer from Iowa to Loyola. Payne was named to the All Big 10 Freshmen team in 2009-10 and will have three years of eligibility remaining after sitting out the 2011-12 season per NCAA rules.

Dining Out Dept

Bulls players Taj Gibson and Ronnie Brewer enjoying dinner together at Hugos Frog Bar over the weekend.

White Sox stars John Danks and Peavy taking rookie third baseman Brent Morel to dinner at The Fifty50.

Acting legend Burt Reynolds dining at Harry Carays on Navy Pier.

This from the Cincinnati Enquirer

Reds left-hander Aroldis Chapman, who got the last three games off to get over a tender elbow, worked the ninth inning of Monday night's loss to the Pirates and threw a pitch that registered 106 mph on the scoreboard but was clocked at 103 on another pitch tracker. Read the rest of the story here.

More from The Cincinnati Enquirer

Reds pitcher Mike Leake was charged with misdemeanor theft hours before Monday's game after being accused of removing security tags from six T-shirts at a downtown store and leaving without paying for them, store security and police said. Employees at Macy's called police after they said Leake removed the tags from six American Rag T-shirts, valued at 59.88, and left the store with them. The incident was captured by security cameras, police documents state. Read the rest of the story here.

David Kaplan is the host of Chicago Tribune Live on Comcast SportsNet. Follow him on Twitter @thekapman.