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Looking for pitching depth after placing CC Sabathia on the DL, the Yankees dipped into the free agent pool and picked up 39-year-old right-hander Derek Lowe Saturday night.
Lowe was released by the Indians earlier this month after going 8-10 with a 5.52 ERA over 21 starts, but an 8.80 ERA over his last 12 starts.
The former Red Sox pitcher has agreed to pitch out of the bullpen for the Yankees, who will pay him the prorated portion of the major league minimum. The Indians will pay him a prorated portion of $5 million, while the Braves (who traded him during the offseason), will pick up a prorated portion of $10 million.