The New York Yankees have completed their trade to acquire Lance Berkman from the Houston Astros.

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The World Series champions sent reliever Mark Melancon and minor league infielder Jimmy Paredes to Houston for the former All-Star first baseman, who will become the Yankees' designated hitter. Houston will pay part of what Berkman is owed.
On Friday, New York obtained outfielder Austin Kearns from Cleveland for a player to be named or cash.

The Yankees also acquired relief pitcher Kerry Wood and cash from the Indians for a player to be named later. The Yankees will be paying roughly $1.5 million of the $3.6 million that is still owed to Wood, who was activated from the disabled list on Saturday.

Oddsmakers from online sports book currently list the Yankees at 5/2 to win the 2010 World Series and 2/3 to win the American League Pennant.

Bet 2010 World Series Odds

Posted: 8/1/10 9:30AM ET