12/04/2015 17:29 EST | Updated 12/04/2016 00:12 EST

Red Sox announce 7-year, $217 million deal for David Price, biggest ever for pitcher

BOSTON — The Boston Red Sox have announced their seven-year, $217 million contract with AL Cy Young runner-up David Price.

It's the richest deal ever for a pitcher.

The contract gives Price the right to opt out after three seasons.

The sides agreed to the terms of the deal on Tuesday, but had to wait for Price to pass his physical.

A left-hander who was the AL's top pitcher in 2012 and the runner-up twice in seven full major league seasons, Price has a 3.09 ERA with 1,372 strikeouts and 104 wins. He went 18-5 with a 2.45 ERA in 2015, striking out 225.

He will try to help the Red Sox turn things around after they finished in last place last season for the third time in four years.

Jimmy Golen, The Associated Press