Ayo Akinola signs new Toronto FC deal - Homegrown player "honored and happy"

One of the most in-demand Major League Soccer free agents is off the market. On Thursday, Toronto FC announced that they have signed Ayo Akinola to a new contract through 2024 with a club option for 2025. The deal will come with a significant salary increase as Akinola will be signed as part of the new MLS Under-22 Initiative. 

"We are thrilled as a club to have signed Ayo as part of the league's new Under-22 initiative," Toronto FC president Bill Manning said in a club statement. "Over the last few years, watching Ayo grow as a player and a person has been extremely gratifying to the many staff who have worked with him along our player pathway. We have seen glimpses the last two seasons of just how impactful Ayo can be and it's exciting to think of what's still to come for him as a TFC player."

"The U22 Initiative allows MLS clubs to sign up to three young players, age 22 and younger, to lucrative contracts at a reduced budget charge, decreasing the risk associated with acquiring or retaining players who are still approaching their prime," a statement on MLSSoccer.com explains. As part of the league rules Akinola's budget charge as part of the U22 program is $200,000 above the maximum salary budget charge (which was $612,500 last year). Akinola made $157,513 last season. "I am very honored and happy to sign a new contract with Toronto FC," said Akinola, who is one of the ten most valuable Canadian players on the planet.