Torre: I was insulted by Yankees contract incentives

RYE BROOK, New York (Reuters) - Joe Torre says he was insulted by the incentives attached to the New York Yankees contract offer he rejected this week, thereby ending his 12-year spell as manager.

"The incentives I took as an insult," the 67-year-old told a packed news conference at a hotel near his New York home on Friday.

Torre sneered at the implicit suggestion the team needed further motivation to succeed once they had advanced to the playoffs.

He had been offered a one-year contract to stay, with a basic pay of $5 million and a $1 million bonus for each level of playoffs reached.

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

He was paid $7.5 million last season, the final year of a three-year deal.

"A two-year deal would have opened the door for further discussions but it never happened," added Torre.

"Five million is a lot of money. I'm not going to sneeze at that but the fact somebody's reducing your salary is telling me they're not satisfied with what you're doing."

Torre, who was unsure about his future and said he would wait to see what options may be available, added that he was probably a victim of his own early success when the Yankees won four World Series in his first five years.

"You are constantly driving because you know that is the standard you set for yourself," he said.

Torre also said he wished owner George Steinbrenner could have appreciated New York's success more in recent years.

The 67-year-old posted a 1,173-767 win-loss record, the second highest tally of victories by a Yankees manager after Joe McCarthy's 1,460.