Rays sign RHP Pete Fairbanks to 3-year extension

The Tampa Bay Rays announced a three-year extension with a club option on a fourth season for right-handed reliever Pete Fairbanks on Friday.

The club did not announce financial terms, but reports put the deal at $12 million, at least, including a $1 million buyout on the fourth season. The value could rise to $24.6 million if the Rays pick up the option and performance bonuses are reached.

The deal nixes Fairbanks' arbitration hearing scheduled for next week.

Fairbanks, 29, went 0-0 with a 1.13 ERA in 24 relief appearances in 2022. He missed the first 3 1/2 months of the season with a torn lat muscle sustained in spring training. He made his season debut July 17.

Fairbanks is 11-12 with a 3.46 ERA and 15 saves in 119 career appearances (two starts) for Texas and the Rays.