The Chicago Cubs have asked non-players within the organization to sign an agreement giving the team the right to buy back World Series rings for $1.
According to ESPN.com's Jesse Rogers, the arrangement is meant to discourage non-players from selling their rings elsewhere.
Per Rogers, the Cubs handed out 1,908 rings and paid taxes on them for many of the lower-level employees who received one.
Cubs general manager Jed Hoyer is among those who support the organization's decision:
I signed that thing willingly. Everyone except for the players signed it. I look at it as the Ricketts [ownership] were so unbelievably generous in the cost of the ring and the number they gave out, I think it's totally appropriate when you're paying for the ring and helping out with the taxes along with that—it seems appropriate to say, 'I don't expect you to take the gift I'm giving you and run out to the market with it.'
Hoyer also pointed out that the agreement will prevent the ring from flooding the market and becoming devalued.
Non-players may still be authorized to sell their rings, but they are obligated to notify the Cubs of the proposed transaction, at which point the team could exercise the option to buy them back for $1.
The Cubs ended a 108-year World Series championship drought last year when they defeated the Cleveland Indians in seven games.