Shohei Ohtani Joins Dodgers; Reported Contract Is Mind-Boggling

Shohei Ohtani on Saturday announced via Instagram he will sign with the Los Angeles Dodgers.

"To all the fans and everyone involved in the baseball world, I apologize for taking so long to come to a decision," Ohtani's statement read. "I have decided to choose the Dodgers as my next team."

One day after it was believed the two-way superstar would sign with the Toronto Blue Jays, Ohtani released a lengthy statement revealing he will stay in Los Angeles and join Mookie Betts and the Dodgers.

Ohtani signed a 10-year, $700 million deal, according to ESPN's Jeff Passan. It is the largest guarantee in sports history.

"Shohei Ohtani's contract has significant deferrals that include most of his salary -- an idea, a source said, that was Ohtani's," Passan reported. "In deferring the money, it reduces the cost of the competitive-balance-tax hit and will allow the Dodgers to build a better team around him."

The 29-year-old's agent also released a statement about the historic signing for Major League Baseball.

"This is a unique, historic contract for a unique, historic player," Ohtani's agent Nez Balelo said, per John Shea of the San Francisco Chronicle. "Shohei is thrilled to be a part of the Dodgers organization."

Ohtani thanked the Los Angeles Angels in his statement, and he pledged to Dodgers fans they would get his best. He ended his statement by saying he would speak more about his decision in a future news conference.

The Dodgers were the betting favorite to sign Ohtani heading into the winter meetings, and he'll join Betts, whom the reigning American League MVP expressed respect for.