2nd Yankees GM Bob Watson announces his resignation. He is replaced by 30–year–old Brian Cashman.
3rd Free agent P Andy Benes signs a 3-year contract with the Arizona Diamondbacks.
4th Free agent DH–OF Jose Canseco signs a 1-year contract with the Blue Jays.
6th The Minnesota Twins trade All–Star second baseman Chuck Knoblauch to the Yankees for minor leaguers P Eric Milton, P Danny Mota, OF Brian Buchanan, SS Cristian Guzman, and $3 million.
The Mets obtain P Al Leiter and IF Ralph Milliard from the Marlins for minor leaguers P Jesus Sanchez, pitcher A.J. Burnett, and OF Robert Stratton.
18th Chicago Cubs broadcaster Harry Caray dies 4 days after collapsing at a Valentine’s Day supper. Caray, age 84, was known, among other things, for leading the fans in a rendition of “Take Me Out to the Ballgame” during the 7th–inning stretch at Wrigley Field. He previously broadcast the games of the St. Louis Cardinals and Chicago White Sox in a career that spanned half a century.
Yankees sign OF Bernie Williams to a $8.5 million, 1-year contract, avoiding salary arbitration.
19th Shortly after beating Jorge Fabregas in an arbitration case, Arizona owner Jerry Colangelo stuns the catcher—and fellow owners—by signing him to a 2-year, $2.9 million contract, which includes a significant raise over the arbitration salary in the first year.
23rd A series of killer tornadoes sweeps through Florida, narrowly missing the Houston Astros clubhouse, and the homes of several players, in Kissimmee. A campground behind Osceola County Stadium, the Astros training base, is destroyed, and 7 people are killed by one of the twisters.
25th Free agent P Jack McDowell signs a 1-year contract with the Anaheim Angels.
26th Cleveland P Ben McDonald undergoes surgery on his right shoulder. He will be out for the season.