Torre rejects offer, Yanks seek new manager

NEW YORK (Reuters) - Long-time manager Joe Torre has turned down a one-year deal to come back and lead the New York Yankees, officials of the American League team said on Thursday, adding they were now looking for a new manager.

Torre, who made over $7 million last season in the last year of a three-year pact, was offered base pay of $5 million and a $1 million bonus for reaching each successive round of playoffs, team president Randy Levine told a conference call.

That would have meant a total of $8 million should the club reach the World Series.

"Joe Torre turned that offer down today," said Levine, who added there was an option for Torre to return for another season at $8 million if the club got to the 2008 World Series.

"We respect his decision, but it's now time for the New York Yankees to move forward."

Torre, 67, was not immediately available for comment.

Torre steered the Yankees to the playoffs in each of his 12 seasons at the helm. His teams won four World Series titles, but had not claimed the championship since 2000.

"The goal of this franchise is to win the World Series," Levine said about the club that has won a record 26 Major League Baseball crowns.

"Unfortunately, we have not met that goal for seven years. It's nobody's fault, not one person's fault we didn't win the World Series. It's collectively all our fault."

Levine said Torre flew down to Tampa, Florida, Thursday morning to meet with the Yankees hierarchy and that the process had been conducted with dignity on both sides.

"We respect Joe Torre an awful lot. He is a great, great person and a great Yankee. All we could do together as a group is make him the best offer we could that was the best for the New York Yankees."

Torre last season made more than double the next highest paid manager in the major leagues, Lou Piniella of the Chicago Cubs at $3.5 million.

The Yankees were eliminated from the playoffs in the first round earlier this month by the Cleveland Indians for their third successive first-round ouster.

During the series against Cleveland, Yankees owner George Steinbrenner said in a newspaper interview that Torre was not likely to return as manager if the club lost.

"We chose a performance-based model because we think it's important to motivate people based on performance," Levine said about the Yankees offer to Torre.

"We thought it was very fair, clearly at the top of the market, but we respect Joe's decision."

Yankees general manager Brian Cashman said the process of finding a new manager would now begin.

"It's going to take some time," said Cashman. "We'll have to sit down with all parties involved and make recommendations to ownership, compile a list of viable candidates.

"There could be some surprising names showing up.

"We have the challenge ahead of us to begin the process of looking for the best person for that position for the Yankees in 2008 and beyond."