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Red Sox make Ortiz deal official

The Boston Red Sox on Monday officially announced the re-signing of David Ortiz, for whom they will hold a press conference at 4 p.m. ET. The veteran designated hitter will get a two-year deal worth at least $26 million, according to a source.

Ortiz, who made $14.575 million last season on a one-year deal, will make $14 million in 2013, $11 million in 2014 and will get a $1 million signing bonus with performance incentives that could bring the total value to $30 million, according to a team source.

Talks between the soon-to-be 37-year-old Ortiz and the Red Sox began late in the season and concluded with an accord Friday night. The veteran slugger has spent the past 10 seasons in Boston and made no secret about his desire to remain with the team.

Ortiz was on pace for a productive 2012 before he suffered a right Achilles strain July 16. He was limited to only one more game the rest of the season and finished with a .318 average, 23 home runs and 60 RBIs in 90 games.

Since his arrival in Boston prior to the 2003 season, Ortiz has spent the last 10 seasons becoming one of the best DHs in the game. He has a .290 career average with the Red Sox, including 343 homers and 1,088 RBIs.

He was a critical component of the team's two World Series championships in 2004 and '07.

Information from Gordon Edes and Joe McDonald was used in this report.