Boston GM Cherington says clubs agree to extension

The Red Sox and Cubs are still trying to agree on Theo Epstein's value.

Boston general manager Ben Cherington said the teams have decided to extend by at least a week their deadline for settling on compensation for Epstein, who left the Red Sox last month to become Chicago's president of baseball operations.

"We're going to have a little more time to work it out," Cherington said Wednesday after the team had an informal sit down with managerial candidate Dale Sveum.

"We just made a practical decision with everything going on, with Theo in Chicago and us here with managerial searches," the GM added. "It was mutually agreed upon that we give ourselves at least another week before we turn it over."

Commissioner Bud Selig had set a Tuesday deadline, saying he would step in and settle the negotiations if an agreement hadn't been reached.

"If we don't have something, we'll revisit it and see if it makes sense to extend it further," Cherington said. "Right now it's at least a week of time."

Epstein had one year remaining on his contract as Boston's GM when he bolted for the Cubs, agreeing to a five-year deal worth a reported $18.5 million.

Cherington said the Red Sox still think they should receive significant compensation for letting Epstein go.

"There aren't a lot of precedents on the executive side," he said. "Because of that, our position has been that we have to look at this particular circumstance and have an understanding that at the very beginning that the Red Sox would get significant compensation if Theo left to go to Chicago. That's been the challenge, agreeing on what significant means."

Cherington was promoted to GM after Epstein left.

Sveum was the Red Sox third base coach in 2004 and 2005. He is currently Milwaukee's hitting coach.

Epstein fired Cubs manager Mike Quade on Wednesday and began the search for his replacement.