Theo Epstein thanks Red Sox in ad

BOSTON -- Departing Boston Red Sox general manager Theo Epstein took out a full-page ad in Sunday's Boston Globe to offer "infinite thanks" for the 10 years he spent with the organization, the last nine as GM.

Under the heading, "10 Years, Two Championships, Countless Memories, Inifinite Thanks," the ad takes the form of a letter from Epstein. He writes: "It's been a privilege to be part of the Red Sox for the last decade and an honor to work alongside some of the most talented and dedicated people in baseball."

He cites the Red Sox ownership group as having a "commitment to excellence at all levels" and says he is grateful for their "unwavering dedication to winning." Epstein also thanks assistant GM Ben Cherington, as well as the players, coaches and former manager Terry Francona for their "tireless effort."

A source told ESPNBoston.com's Gordon Edes that Cherington will be named Epstein's successor.

The teams are expected to hold news conferences announcing the moves Tuesday, the next off day in the World Series.

Epstein also thanks Red Sox fans, saying the "Fenway faithful" has been the "driving force" behind the team's success.

He also offered thanks for the support given to "The Foundation to be Named Later,'' which he cofounded with his brother Paul. The foundation has given $5 million in grants to needy youth in the greater Boston area.

The Globe's website indicates a full-page color ad in the Sunday paper costs $9,801, with premium placement potentially costing about an additional $2,000.

The Red Sox and Cubs issued a joint statement Friday night announcing Epstein has resigned from his post as Boston's general manager to become the Cubs' president of baseball operations. Epstein's deal has been held up for more than a week as the teams haggled over compensation the Red Sox would receive for letting Epstein out of his contract. Those negotiations continue even as Epstein leaves his hometown Red Sox.

According to the joint statement, the teams "have reached an agreement regarding a process by which appropriate compensation will be determined for the Red Sox and that issue will be resolved in the near term."

According to Comcast Sports Net New England, however, commissioner Bud Selig said he would intervene if the two sides can't reach an agreement by Nov. 1.

"They have until Nov. 1, Theo and Ben and all the other parties involved," Selig said Sunday night before Game 4 of the World Series, according to the site. "Hopefully they can get things done. I always encourage clubs to try to get things done between themselves. Somehow, the commissioner has enough things of controversy.

"They'll either get it done or they won't. If they don't, then I will."

Epstein, who grew up in Brookline, Mass., a stone's throw from Fenway Park, was hired by Boston as the youngest GM in major league history in 2002 at the age of 28. Two years later, he was the youngest GM to win it all as the Red Sox broke an 86-year championship drought. Boston won a second World Series in 2007.

Under Epstein's guidance, Boston went 839-619 (.575) in the regular season and 34-23 in the playoffs.

ESPNBoston.com's Gordon Edes contributed to this report.