Joe Torre is holding a hold a press conference at 2 p.m. at the Hilton Rye Town hotel. Read Jim Baumbach's story here.
2:01 PM. Waiting for Joe Torre to appear at the press conference. Camera crews set, talking heads making time.
2:03 PM. Joe Torre appears. Makes joke about his bald spot.
2:04 PM. Thanks George Steinbrenner for "trusting me with his club for the last 12 years." Seems to choke up. Thanks players and coaches, support staff.
2:05 PM."You can't thank people without thanking the fans...it's a special place." Says he had nothing to do with rally on Wednesday.
2:06 PM. Decided he wanted to talk to the participants face to face, to get his say. The meeting lasted 20 minutes. "I just felt the contract offer, the terms of the contract was the thing I had the toughest time with."
2:07 PM. Mentions the players, says winning the World series was the goal every year. Incentive was not a good thing for him or players.
2:08 PM. Thanks Brian Cashman for his support in 2006 with the contract extension.
2:09 PM. "Players have gone the extra mile..made my job a lot easier. The clubhouse was whole..." Starts fielding questions.
2:10 PM. "It's like going to the doctor and expecting the results", Torre says about the experience.
2:14 PM. Felt insulted by offer. "Discouraged by spot, never moved from offer they made."
2:16 PM. "Five million dollars is a lot of money...the fact that someone is reducing your salary is an indication to me that they are not satisfied with your performance." Hints that he would have taken a pay-cut, though.
2:17 PM. Goes down memory lane..."Can't tell you how exciting, appreciative, memorable this whole experience has been." Hard to tell whether he's slightly choking out of emotion.
2:18 PM. "I'm probably still not there yet... I was prepared for this. Talking about his experience of leaving."
2:19 PM. Will he accept a reoffer: "In order for something work...there's a certain trust that has to be earned." Long answer: no.
2:20PM. Explains that Steinbrenners seem "unwaverable."
2:22 PM. Surprised? "After last year, I don't think I can say surprised...we all know George is that hard taskmaster that wants to get his money's worth." Says two weeks to figure out whether they wanted him back made the offer a "little suspicious."
2:24 PM. Will miss most the players, the game and the coaches. "Dealing with people on an everyday basis..winning a battle."
2:27 PM. Who will he recommend? "I'm not sure I'm a position to recommend anybody, I just lost my job." Mentions coaches, not naming anyone. Doesn't sure if mentioning a name will help or hurt.
2:28 PM. Advice for the new guy: Don't be distracted. "The only you get accross to the players, you're paid to play, and on the results."
2:28 PM. About Steinbrenner: Felt that he needed to win every season, for New York.
2:29 PM.Regrets: Not on the 2003 series with Red Sox, covers every. Should have gone out himself during the bug swarm in Game 2 in the ALDS in Cleveland.
2:33 PM. Winning the World Series for a few years appears to be easy, but it's not. Little things change outcomes, it's a crapshoot in the 3-game series, he says.
2:34 PM. The Steinbrenners are still in charge.
2:35 PM. Is at peace with decision. People in grocery stores come up to him and ask him not to leave.
2:36 PM. Says that money was not the biggest obstacle.
2:38 PM. A lot of players called him. Leaves door wide open for managing again.
2:39 PM. His contract ends on December 1st, but "I'm free to listen right now" on managerial offers.
2:41 PM. Stumbles on whether he'd be willing to throw first pitch in the new Yankee Stadium. "I wouldn't be able to answer that right now," answers very evasively. His body language said NO, however.
2:42 PM. Final words to supporters. There are a lot of big hearts, mentions Giambi's return.
2:42 PM. "I've you would have told me this 20 years ago, I would have said you were crazy." Just drew a huge "please hire me" sign.
2:43 PM. Thinks that Cashman was on his side, but after he made renegotiating pitch to management yesterday, he did not get a direct reply.
2:47 PM. Jokes about wife's response, does not answer question about how she felt about his decision.
2:50 PM. Comments that it felt strange never having played for the Yankees and still managing them. "I still feel very much like a visitor to the organization."
2:54 PM. Asked a question about Levine and player motivation. Fields it right back to Levine.
2:55 PM. Both Girardi and Mattingly have been exposed to what's going on. "They'd go in with their eyes wide open."
2:57 PM. So what happens now? Says spare time will be more difficult, but will enjoy his family, maybe a trip to Wimbledon, major horse races in the summer. "It's not going to be as exciting as the win and losses."
2:59 PM. Talks about money, "I don't expect another ball club to pay me what the Yankees paid me, at the start." We might see his resume in Careerbuilder pretty soon.
3:00 PM. Takes a swipe about fan expectations. Says after the Arizona loss in 2001, he felt "fans were a little spoiled. There was very wiggle room in this whole expectation game."
Complete Joe Torre coverage here.