The Cubs have rewarded Theo Epstein with a five-year contract extension that reportedly is worth more than $50 million.
The Cubs have improved each season since hiring the 42-year-old Epstein to serve as their president of baseball operations prior to the 2012 season, going from 101 losses in 2012 to 101 wins (and counting) this season. His contract was set to expire after this postseason.
Cubs owner Tom Ricketts issued this release Wednesday:
“In the five years under Theo’s leadership, he has brought in a strong executive team and acquired and developed some of the best players in the game. Now, the results are on the field. My family and I have no doubt that we have moved closer to our goal of delivering Cubs fans the World Series championship they deserve.”
Prior to joining the Cubs after the 2011 season, Epstein served as the Red Sox’s GM, helping to construct two World Series championship teams after being hired following the 2002 season.
The hope in Chicago, of course, is that Epstein can end the Cubs’ 108-year championship drought just like he ended the Red Sox’s 86-year drought.