A look at the purchase price of the New York Yankees by George Steinbrenner.
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George Steinbrenner’s Purchase of the Yankees
George Steinbrenner, former owner of the New York Yankees, bought the team for $10 million in 1973. The Yankees are now worth an estimated $4 billion. Before Steinbrenner’s death in 2010, the Yankees had won 11 American League pennants and seven World Series titles under his ownership.
George Steinbrenner’s background
George Steinbrenner was born in Rocky River, Ohio, in 1930. His father, Henry Steinbrenner, was a successful shipbuilding magnate who owned the Kinsman Marine Transit Company. George Steinbrenner’s grandfather, Christ, had emigrated from Germany in the late 1800s and started a thriving business transporting ore on Lake Erie. George Steinbrenner followed in his father’s footsteps and attended Culver Military Academy before enrolling at Williams College in Massachusetts. He graduated with a degree in English in 1952.
The purchase of the Yankees
In 1973, George Steinbrenner, a shipbuilding heir from Cleveland, Ohio, bought the New York Yankees from CBS for $10 million. At the time, it was the most money ever paid for a professional sports franchise.
The Yankees were one of baseball’s most storied franchises, with 20 World Series titles to their credit. But they had fallen on hard times in the early 1970s. They hadn’t won a World Series since 1962 and were struggling to attract fans to Yankee Stadium.
Initially, Steinbrenner was widely criticized for his purchase of the team. But he quickly turned things around, investing heavily in player development and hiring managers such as Billy Martin and Bob Lemon. The Yankees returned to prominence in the late 1970s, winning back-to-back World Series titles in 1977 and 1978.
Under Steinbrenner’s ownership, the Yankees would go on to win five more World Series titles between 1996 and 2009. He remained active in running the team until his death in 2010 at the age of 80.
How Much George Steinbrenner Paid for the Yankees
On January 3, 1973, George Steinbrenner and a group of investors bought the New York Yankees for $10 million. At the time, it was the most expensive sale of a professional sports franchise in history. In today’s dollars, that would be about $56 million.
The purchase price
George Steinbrenner bought the Yankees from CBS for $10 million in 1973. In today’s dollars, that would be approximately $56 million.
The value of the Yankees today
The Yankees are currently valued at $4.6 billion, according to Forbes magazine. That makes them the most valuable franchise in Major League Baseball and the second-most valuable sports franchise in the world, behind only the Dallas Cowboys of the National Football League.
George Steinbrenner paid $10 million for the Yankees in 1973. In today’s dollars, that would be equivalent to about $56 million. So if you adjust for inflation, Steinbrenner’s initial investment in the team was actually quite a bargain.
Why George Steinbrenner Bought the Yankees
In 1973, George Steinbrenner bought the Yankees for $10 million. He wanted to turn them into a winner and make them the most successful team in baseball. He was successful in doing so, as the Yankees won the World Series in 1977 and 1978.
George Steinbrenner’s motivation for buying the Yankees
George Steinbrenner’s motivation for buying the Yankees was twofold. First, he wanted to make a profit on his investment. Second, he wanted to improve the team’s performance and make it a winning franchise again.
What George Steinbrenner accomplished with the Yankees
George Steinbrenner made the Yankees a global brand and turned them into one of the most successful sports franchises in history.
He bought the team in 1973 for $10 million, and under his ownership, the Yankees won 11 pennants and seven World Series titles. The team’s value grew to an estimated $1.6 billion by the time of his death in 2010.
Steinbrenner was known for his aggressive style of management, as well as his involvement in controversial incidents and tabloid fodder. But he was also respected for his business acumen and his commitment to winning.