Randy Levine issues statement regarding Wang's arbitration ruling

Official press release from Yankees.com:

"We are gratified and happy to have prevailed in this arbitration hearing. It is important to recognize and thank our entire team for their hard work throughout this process, including Brian Cashman, Jean Afterman and Mike Fishman from the Yankees, Rich Rabin, Ken Shaitelman and Kelly Brown from Akin Gump Strauss Hauer and Feld, and Rob Manfred, Dan Halem and Paul Mifsud from the Commissioner's Office.

"It has been nearly eight years since this organization has gone to arbitration, and we do not pursue this process lightly. The Yankees only go to arbitration when we think the player and agent's demand is over the proper market.

"We want to congratulate Mr. Wang and his representatives on their efforts. They did a credible job. It should be noted that the $4 million figure which we submitted is the highest arbitration award ever for a first-time arbitration-eligible starting pitcher. Therefore, this should not be viewed as 'a loss' for Chien-Ming Wang. He is a valuable member of our team and we felt that we had reflected this in our filing number."

Here's Cashman's take on the situation from Peter Abraham:

“His is more of a simple case,” Cashman said. “He’s a tremendous pitcher and his isn’t one where you run down a player. He’s a special talent. It’s where he slots in a market of special players as a first-time eligible.”