Red Sox announce 7-year, $217M deal for David Price

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David Price of the Toronto Blue Jays reacts in the third inning while taking on the Kansas City Royals in game six of the 2015 MLB American League Championship Series at Kauffman Stadium on October 23, 2015 in Kansas City, Missouri. (Photo by Jamie Squire/Getty Images)

BOSTON — The Boston Red Sox have announced their seven-year, $217 million contract with AL Cy Young runner-up David Price.

It’s the richest deal ever for a pitcher.

The contract gives Price the right to opt out after three seasons.

The sides agreed to the terms of the deal on Tuesday, but had to wait for Price to pass his physical.

A left-hander who was the AL’s top pitcher in 2012 and the runner-up twice in seven full major league seasons, Price has a 3.09 ERA with 1,372 strikeouts and 104 wins. He went 18-5 with a 2.45 ERA in 2015, striking out 225.

He will try to help the Red Sox turn things around after they finished in last place last season for the third time in four years.