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APNewsBreak: Baseball draft bonus pool up 8.2 percent this year, matching revenue hike

Major League Baseball teams can spend a little more money on amateur draft picks this year.

The signing bonus values for the selections in next month's draft will increase by 8.2 percent, players and owners agreed this week.

Under their memorandum of understanding in November 2010 for a five-year labor contract, the sides agreed signing bonus values will increase each year at the same rate as industry revenue.

The value for the No. 1 pick, held for the second straight year by the Houston Astros, increased to $7,790,400 from $7.2 million.