Phillies decline Cliff Lee's 2016 option, pay $12.5M buyout

PHILADELPHIA (WPVI) -- The Philadelphia Phillies have declined pitcher Cliff Lee's $27.5 option for 2016.

They are instead paying him a $12.5-million buyout.

This makes the 37-year-old Lee a free agent.

The 2008 Cy Young Award winner missed all of 2015 after tearing a flexor tendon in spring training.

Lee started only 13 games in the 2014 season due to the elbow strain.

His record is 143-91 with a 3.52 ERA in 13 seasons.

Philadelphia Phillies pitcher Cliff Lee has placed his Rittenhouse condo up for sale.

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ESPN contributed to this report.