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Torre turns down offer from Yankees

Joe Torre rejected a one-year contract offer to remain with the New York Yankees as manager for the 2008 season, according to reports.

The contract offer included a base salary of $5 million, with additional bonuses structured into the contract Torre could have earned based on the team’s performance. The bonuses could have added another $3 million to the deal, according to reports.

The base salary offer of the contract was $2.5 million less than Torre made in the 2007 season, making the offer a 33 percent pay cut.

Yankees general manager Brain Cashman said it was, “A Difficult Day,? according to ESPN.

Torre flew to Tampa Bay early Thursday with Yankees officials where he rejected the offer proposed by George Steinbrenner and the Yankees, according to the New York Times.

The Yankees made the postseason all 12 years Torre managed the team, including ten division titles and four World Series championships. The last championship, however, was in 2000.

According to the Associated Press, Yankees bench coach Don Mattingly is the top candidate to replace Torre as manager, providing the team does not make Torre another offer. Other top names being considered include Bobby Valentine, Tony La Russa and Joe Girardi.