It’s official: Cubs trade Soriano to Yankees

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The Cubs’ have traded Alfonso Soriano to the Yankees, with 21-year-old right-hander Corey Black  the piece coming back to the Cubs, both teams announced Friday afternoon.

The Cubs will send $17.7 million to the Yankees to help offset the $24.5 million owed Soriano. The deal is structured in such a way that the Cubs will be responsible for $13 million of Soriano’s $18 million salary in 2014, leaving the Yankees with only a $5 million hit against baseball’s soft salary cap.

Multiple reports have said the Cubs were given a choice of second-tier pitching prospects to choose from, and the belief is they’ll take Black, a high-A starter with a big arm, over Double-A closer Tony Kahnle.

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Alfonso Soriano rounds the bases after hitting his second two-run home run of the game in the fifth inning at Wrigley Field Saturday, July 6, 2013, in Chicago. (John J. Kim / Chicago Tribune)