MESA, Ariz. — Chicago Cubs President Jed Hoyer felt the situation was right to make his case to ownership.

While former Houston Astros third baseman Alex Bregman’s free agency stretched through the offseason and into February, Hoyer got the green light from the Ricketts family to pursue the two-time All-Star, which meant pushing the budget beyond what the Cubs anticipated entering the offseason.

Hoyer described it Thursday as a “significant exception” to be able to pursue Bregman — who agreed to terms with the Boston Red Sox on Wednesday night — comparing it to last year’s signing of Cody Bellinger for which ownership similarly allowed Hoyer to go “way over” budget when the outfielder remained available into spring training.

Hoyer’s contact with ownership on Bregman’s availability involved a lot of conversations, emails and memos.

“I think we made the best offer we could make,” Hoyer said Thursday. “The way I look at this job is I try to make good investments. I thought this was a great investment. So we had a lot of communication and they were certainly receptive to that, which I really respect.”

Hoyer felt the Cubs made a strong offer to Bregman, who turns 31 next month, though the terms they presented — four years, $115 million with opt-outs after 2026 and 2027, according to a source — didn’t reach what the Detroit Tigers reportedly offered in years (six) or total money ($171.5 million) or what the Red Sox will give him annually: $40 million in each of the three years before deferrals.

The Cubs never felt they were on the verge of reaching an agreement and didn’t consider deferring any money in a potential deal, something the Tigers and Red Sox both offered Bregman. Hoyer explained that philosophically the organization has avoided deferrals. The Cubs still are paying Jason Heyward $5 million annually through 2027 in deferrals.

So without adding more years or money to their offer, the Cubs — who are roughly $30 million below the Competitive Balance Tax threshold for 2025 — were at a disadvantage to land Bregman.

“Ultimately they got a deal in structure and amount that we couldn’t match, but that’s just the nature of it,” Hoyer said. “I feel like we made a strong offer, but clearly it wasn’t enough. And again, when you’re in free agency, most of the time the player goes the highest bid. And the Red Sox got a great player. They were aggressive and kudos to them.

“But I was thankful that I was able to pursue it. It was a really good opportunity and now we move forward.”

The Cubs are not expected to reallocate the money they would have spent on Bregman for another potentially costly addition this spring. While they will continue to look out for opportunistic moves, Hoyer believes the key pieces of the roster are already in camp.

With Bregman no longer in play, it clears the way for top prospect Matt Shaw to win the starting job at third base this spring.

“Obviously we have a little bit of money for some small in-season things,” Hoyer said. “But this obviously was a significant exception to be able to pursue this, and I’m thankful that I was able to do that. It’s important to be able to be opportunistic, and we tried to do that.”