In addition to Buster Olney's article, Ed Price and Bill Madden have a little more.

Torre objected to the pay cut and the one-year deal based on his record, which includes 1,173 regular-season wins as a Yankee, second only to Joe McCarthy among managers in the club's history. But this wasn't a negotiation. After that was made clear, Torre thanked Steinbrenner and the rest of the men in the room for the opportunity to manage the team.

Everybody in the room stood up and exchanged handshakes, and Torre and Cashman shared a hug.

It all took less than an hour.

"We all want you back," Hal Steinbrenner added, "and we hope you'll accept this offer." ...

Once they got over their initial shock, everyone in the office got up and shook Torre's hand. Upon extending his hand to The Boss, Torre said: "I want to thank you for these 12 years. It's been great."

"We appreciate everything you've done for us," George Steinbrenner said. "You'll always be a Yankee."

Via Yahoo!