Alex Rodriguez, the New York Yankees all-star third baseman turned to investment bank Goldman Sachs Group, Inc. (NYSE:GS) to negotiate a potential record-breaking deal with the Yankees after it looked as though they would part ways.

Reports suggest that Rodriguez, already the highest paid U.S. athlete in professional team sports, is likely to sign a new multi-year contract soon that could be valued between $300 million and $400 million.

According to CNN Money

Several newspapers, including The Wall Street Journal, The New York Times and New York Daily News, reported Friday that two managing partners for Goldman Sachs were pivotal in brining the player known as A-Rod and the Yankees back to the negotiating table when the team had vowed not to enter the bidding to sign their star to a new deal.

Investment bankers, self-proclaimed Masters of the Universe, figure into nearly every major business transaction whether raising capital or advising on mergers and acquisitions. However, advising sports figures has not been a service listed by major Wall Street houses.

Goldman Sachs, the premier investment bank, like its fellow banks has its hands full managing the pain and losses of the sub-prime meltdown. However, a couple of its partners took some time to bring Rodriguez and the New York Yankees together in what will likely be a record-breaking sports contract.

A-Rod called upon a personal acquaintance and partner in the Goldman Sach’s Los Angeles office, John Mallory, to facilitate a conversation with the Yankees. Mallory called Goldman partner Gerry Cardinale, who is based in New York and has worked closely with the Yankees on the YES Network. Cardinale called Yankees president Randy Levine several days ago, and has continued to play a critical role in putting a deal together.

Once talks got started and hundreds of millions of dollars were at stake, the love flowed. Rodriguez's official Web site, AROD.com indicated that Rodriguez had spoken directly with the Steinbrenner family and is taking part in continuing dialogue with the club.

"After spending time with Cynthia and my family over these last few weeks, it became clear to me that I needed to make an attempt to engage the Yankees regarding my future with the organization," Rodriguez said.  "Prior to entering into serious negotiations with other clubs, I wanted the opportunity to share my thoughts directly with Yankees ownership. We know there are other opportunities for us, but Cynthia and I have a foundation with the club that has brought us comfort, stability and happiness."

While A-Rod is an 11-time All-Star and probable 2007 American League MVP, few teams have the cash to match his demands or compete with an offer from the Yankees. Chris Isadore from CNN Money suggests that the talented A-Rod is worth every penny of $300 million

“Vince Gennaro, a consultant to numerous major league teams and the author of Diamonds and Dollars, a book about the economics of baseball, has done an analysis that suggests A-Rod could produce $48 million per year in revenue and asset appreciation for the Yankees, allowing the team to pay him $34 million in salary, along with a 40 percent luxury tax, and still break even.”

If the Yankees were Goldman’s client, I wonder what their analysis would suggest?