Yankees To Pay Record $29M Luxury Tax

The New York Yankees, fighting for a Wild Card berth in the season's final month, are facing a $29.1 million luxury tax bill.

New York currently has a $236.2 million payroll for purposes of the luxury tax, and must pay a 50% tax over the $178 million threshold as a repeat violator.

The Los Angeles Dodgers are the only other team that will be required to pay a luxury tax this year. The Dodgers currently have a franchise-record $234.5 million payroll.

The Dodgers' penalty will be much less of a financial hit than the Yankees since it's their first offense.