The Red Sox and Cubs have announced that, effective immediately, Theo Epstein will take over as the Cubs' new President of Baseball Operations, according to a joint press release by the two clubs. Both organizations will forego further comment until Tuesday, which is the next scheduled non-game day in the World Series.
The press release indicates that the two sides have "reached an agreement regarding a process by which appropriate compensation will be determined" and the issue will be "resolved in the near term." If the two sides cannot work out an agreement in the next few days, Sean McAdam of CSNNE.com (via Twitter) hears that Bud Selig could step in and act as an arbitrator.
The Red Sox will announce their next GM at a presser Tuesday and it is expected to be Assistant General Manager Ben Cherington. Meanwhile, Padres GM Jed Hoyer is expected to leave San Diego in order to assume the same title under Epstein. Hoyer will reportedly bring assistant GM Jason McLeod along as well.
The Padres have granted permission to the Cubs to speak with Hoyer and McLeod, tweets Dan Hayes of the North County Times. The Padres have a pre-agreed list of Cubs players to choose from as compensation and no other employees will be taken, Hayes tweets. Meanwhile, San Diego won't officially christen Josh Byrnes as GM until after the end of the World Series, says Hayes (via Twitter).