Report: Red Sox land Cuban prospect Moncada with record-setting $31.5-million bonus

The Boston Red Sox completed their aggressive offseason makeover in spectacular fashion Monday: by outbidding their hated division rival for the services of Cuban star prospect Yoan Moncada. 

Boston reportedly secured the highly touted infielder with a record-setting signing bonus worth $31.5 million, according to multiple reports. It represents the largest bonus awarded to an amateur free agent under baseball's current international spending system.

Moncada, widely considered to be the best prospect to leave Cuba in years, was being pursued by several big-market teams, including the New York Yankees and Los Angeles Dodgers. The Yankees' final bid was reportedly $25 million, according to Joel Sherman of the New York Post.

In the end, the 19-year-old switch-hitting phenom spurned them all for the Red Sox, who add to their stockpile of talented infielders and superior farm system.

"We scouted him extensively and obviously engaged with his agents," Yankees general manager Brian Cashman told MLB.com. "We made our final and best (offer) and we were told that it wasn't going to be good enough. Obviously we were waiting to hear where he was going to be going."

Related: What scouts are saying about Yoan Moncada

Under terms of baseball's international signing guidelines, Boston's acquisition of Moncada comes at a hefty price - the team will be subject to a 100 percent penalty tax for exceeding their bonus pool for the current signing period.

From MLB.com's Jesse Sanchez:

According to those guidelines, clubs are penalized during the upcoming 2015-16 signing period if they exceed their bonus pools by certain amounts. The Red Sox had already exceeded their bonus pool before this signing and been given the maximum penalty. It's a severe measure that includes a 100-percent tax on their pool overage and prohibits them from signing any pool-eligible player for more than $300,000 during the next two signing periods. Including the penalty for exceeding their bonus pool, Moncada's deal will cost the Red Sox approximately $60 million - the bonus plus the penalty.

Boston has until July 15 to pay the penalty tax and up to three years to cover Moncada's bonus, according to Sanchez.

The addition of Moncada caps a bold winter for the big-spending Red Sox.

General manager Ben Cherington landed two of the top offensive players available in Hanley Ramirez and Pablo Sandoval to kick off the free-agent frenzy, before acquiring pitchers Rick Porcello and Wade Miley in separate trades.

Securing Moncada, who Baseball America projects as the club's top prospect, is perhaps the most intriguing move to date. Evaluators have previously said the talented Cuban shortstop would be a consensus No. 1 pick in this year's draft if he were eligible.

Moncada, a six-foot, 210-pound infielder, is expected to spend at least a year or two in the minors, before making his way to the majors. Scouts say he'll likely settle in at second or third base at the big-league level.