Despite trading for pitcher Matt Garza and signing free-agent slugger Carlos Peña, the Cubs finished the 2011 season 20 games under .500 with a record of 71-91. Weeks after the season came to an end, the club was rejuvenated in the form of a new philosophy, as new owner Tom Ricketts signed Theo Epstein away from the Boston Red Sox, naming him club President and giving him a five-year contract worth over $18 million, and subsequently discharged manager Mike Quade. Epstein, a proponent of sabremetrics and one of the architects of two world series titles in Boston brought along Jed Hoyer to fill the role of GM and hired Dale Sveum as manager. Although the team had a dismal 2012 season, losing 101 games (the worst record since 1966) it was largely expected. The youth movement ushered in by Epstein and Hoyer began as longtime fan favorite Kerry Wood retired in May, followed by Ryan Dempster and Geovany Soto being traded to Texas at the All-Star break for a group of minor league prospects headlined by Christian Villanueva. The development of Castro, Anthony Rizzo, Darwin Barney, Brett Jackson and pitcher Jeff Samardzija as well as the replenishing of the minor-league system with prospects such as Javier Baez, Albert Almora, and Jorge Soler became the primary focus of the season, a philosophy which the new management said would carry over at least through the 2013 season.
How much was the contract given to Theo Epstein worth?
$18 million