Breaking News: Phillies reach deal for Oswalt, await his approval

Written by Mike Mariano | 29 July 2010

Final Update 3 p.m.: The deal is done, tweets Rosenthal.  Piecing this together, it appears the Astros send Oswalt and $11MM to the Phillies for Happ, Gose, and Villar, with the Phils potentially adding $1MM to Oswalt's buyout but not exercising his option.

Update 1:40 p.m.: Reports are that Roy will waive his no-trade clause and come to Philly.  Braves and Mets beware.

Update 11:45 a.m.: Looks as if Singleton isn't in the deal and that 12 million is overblown.  Love twitter.  Follow us.  If this is all true and Singleton isn't included I think it's a win for the Phillies.

Update 11:30 a.m.: It appears to be J.A. Happ plus two prospects.  Sources are unsure if Jonathon Singleton (considered the Phillies best hitting prospect) is part of the deal or not.  Both sides are adament about his inclusion/exclusion, so we'll see who ended up budging.  Also the Astros have agreed to pay approx. $12 million of the money owed to Roy through next season.

Breaking news regarding Roy Oswalt, the Phillies and Astros have reported agreed on a deal and the teams now await Roy's approval.  The deal is rumored to involved J.A. Happ, Vance Worley, and two other young pitchers.  Also the Astros are assumed to have agreed to eat some of the financial responsibility to aid the Phillies on the back end.

Stayed tuned for Roy Oswalt's "Decision" and for the final announcements of the deal including players and monies that will be exchanged.