4:14pm: The Yankees have officially announced Matt Thornton’s two-year contract and confirmed Wells has been designated for assignment.
1:16pm: According to his Twitter feed, the Yankees have cut ties with Vernon Wells. Buster Olney says he was designated for assignment. The Yankees need 40-man roster space for both Brian Roberts and Matt Thornton and this clears one spot. Wells, 35, hit .233/.282/.349 (70 wRC+) last season and although he would have counted as $0 against the luxury tax in 2014, the team still owes him $2.4M in real dollars. The Angels owe him $18.6M.