News

Franco, Schoop, McHugh selling future earnings for cash now

SAN FRANCISCO – Philadelphia third baseman Maikel Franco has agreed to sell 10 per cent of his future earnings for $4.35 million to a company called Fantex, which plans to sell securities to investors.

Baltimore second Jonathan Schoop struck a deal to sell 10 per cent of his future earnings for $4.91 million and Houston pitcher Collin McHugh struck an agreement to sell 10 per cent for $3.96 million, the company said Wednesday. Fantex said the deals are contingent on the company obtaining financing to make the payments and include earnings from defined “future on- and off-field cash flows.”

In addition, the company reached agreements with San Diego infielder Yangervis Solarte (11 per cent for $3.15 million) and Minnesota pitcher Tyler Duffey (10 per cent for $2.23 million).

Last September, Fantex agreed to pay Los Angeles Angels pitcher Andrew Heaney $3.34 million for 10 per cent.

All the baseball players who reached agreements are making just above the major league minimum of $507,500. McHugh and Schoop likely will be eligible for salary arbitration for the first time next winter, Franco and Heaney in 2018 and Duffy in 2019.