(AP) - Gerrit Cole and the New York Yankees have finalized a record $324 million, nine-year contract.

The 29-year-old right-hander was introduced during a news conference at Yankee Stadium, where his face appeared on the large video boards outside the ballpark.

 Cole's deal is the largest for a pitcher in both its total and its average annual value of $36 million. Cole was 20-5 with an AL-leading 2.50 ERA and a major league-leading 326 strikeouts for Houston last season.

To clear a roster spot, the Yankees designated right-hander Chance Adams for assignment.