Hand led the American League with 16 saves in 2020 as he tallied 29 strikeouts in 22 innings.
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Owner Paul Dolan said the team will not adopt an interim name before choosing its new one.
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Cleveland reportedly plans to begin using a new team name and uniform as early as 2022.
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The Indians are reportedly "by all accounts" ready to aggressively listen to trade offers for All-Star shortstop Francisco Lindor.
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Clevinger is expected to miss the entire 2021 season, per the Padres.
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