Nov. 18 (Bloomberg) -- Alex Rodriguez took the advice of Warren Buffett, the billionaire investor and sports fan, when he bypassed his agent Scott Boras and contacted the New York Yankees about a new contract, said a person familiar with the situation.

Rodriguez, the highest-paid player in Major League Baseball, agreed to the framework of a contract with the team on Nov. 15, three weeks after terminating the final three years and $72 million of his old deal. The new agreement is worth $275 million over 10 years, according to several media reports.

Rodriguez met with members of principal Yankees owner George Steinbrenner's family four days ago after asking two investment bankers he knows, John Mallory and Gerry Cardinale of Goldman Sachs Group Inc., to tell the team he wanted to talk without Boras, according to two people familiar with the situation who requested anonymity because discussions are continuing.

The All-Star third baseman first contacted Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., as criticism of him rose after he opted out of his contract, according to a report yesterday in the Wall Street Journal. Rodriguez and Buffett became friends after a meeting in Omaha, Nebraska, Buffett's hometown, a few years ago.

Autographed Jersey

The two have since gotten together several times, and Buffett has a jersey autographed by Rodriguez hanging at his company's headquarters, the newspaper reported.

``The real question was, did he really care about being a Yankee or is he just about the money,'' Hank Steinbrenner, who handles the day-to-day operations of the team with his brother Hal, said in an interview Nov. 16.

Boras, Rodriguez's agent, said it would take a $350 million offer to start talks, the New York Daily News reported two weeks ago.

Yankees spokesmen Jason Zillo and Ben Tuliebitz didn't return telephone messages seeking comment. Jackie Wilson, a spokeswoman for Buffett, declined to comment. Steinbrenner family spokesman Howard Rubenstein said he didn't know about Buffett's involvement. Boras declined to comment yesterday.

Earlier yesterday, the Journal reported that Rodriguez reluctantly decided to opt out of his contract. He later sought advice from Buffett about how to get talks going with the Yankees again, the person said, who requested anonymity because he is not authorized to discuss the matter.

Sports Connection

Buffett, 77, listed by Forbes magazine as the third-richest person in the world, has ties with other professional athletes. He's been the guest of National Basketball Association All-Star LeBron James at a Cleveland Cavaliers game and is friends with professional golfer Joe Ogilvie.

Buffett said Rodriguez sought to rejoin the team because ``he really loves being a Yankee,'' according to the Journal. Buffett wouldn't comment further, the paper said.

Rodriguez, 32, a two-time American League Most Valuable Player, led baseball with 54 home runs and 156 runs batted in during 2007.

He canceled the final three years of his contract about two weeks after manager Joe Torre left the Yankees when the team offered him a new agreement that included a 29 percent cut in his base pay. Torre had taken the team to the playoffs each of his 12 years in charge. He has since agreed to become the Los Angeles Dodgers' manager.

No Talks

The Yankees had said repeatedly that they wouldn't negotiate with Rodriguez if he opted out. They lose a $21 million subsidy from the Texas Rangers by Rodriguez voiding the deal, as provided in the record 10-year, $252 million package he signed with the Rangers in 2000.

After speaking with Buffett, Rodriguez set out to reach the Yankees. Rodriguez contacted Mallory in Goldman's wealth- management division in Los Angeles about conveying a message to the team that he wanted to return, two people familiar with the situation said. They wanted anonymity because negotiations continue.

Mallory, who became friends with Rodriguez when he lived in Miami, put him in touch with Cardinale, a Goldman managing director who also serves on the board of the Yankees sports network. Cardinale spoke with club President Randy Levine, the people said.

Mallory declined to comment through an assistant. Cardinale and Levine declined to comment.

YES Network

The Yankees and Goldman, the largest U.S. securities firm and the most profitable in Wall Street history, are partners in the Yankees Entertainment & Sports Network. The team sold a 40 percent stake in the regional sports network to a group of investors including Goldman for $350 million in 2001.

The network focuses on Yankees programming and shows 130 games a season.

The framework of the new agreement may allow Rodriguez to get financial rewards for breaking home-run records, a person familiar with the negotiations said. The person requested anonymity because talks are continuing.

Rodriguez, who has 518 career home runs, would take part in a marketing plan surrounding him reaching milestones on his way to breaking Barry Bonds's record, which now stands at 762, the newspaper said, citing two unidentified people involved in the negotiations.

To contact the reporter on this story: Danielle Sessa in New York at dsessa@bloomberg.net

Last Updated: November 18, 2007 00:39 EST