The deal announced Friday is the largest the budget-minded club has given a free agent since current ownership led by Stuart Sternberg took control after the 2005 season.
Loney hit a team-leading .299 with 13 homers and 75 RBIs for the Rays last season, his first with Tampa Bay. He also was a finalist for an AL Gold Glove.
The 29-year-old Loney appeared in 158 games in 2013 and led the major leagues with a club-record .351 road batting average.
In eight seasons with the Los Angeles Dodgers, Boston Red Sox and Rays, Loney has a .285 career average with 86 homers and 534 RBIs.
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