George Steinbrenner, the late owner of the New York Yankees, was known for his deep pockets. So just how much did he pay for the team?
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George Steinbrenner’s purchase of the Yankees
George Steinbrenner’s purchase of the Yankees in 1973 for $10 million was record-setting at the time. In today’s dollars, that figure would be approximately $56 million.
The price he paid for the team
George Steinbrenner paid $10 million for the Yankees in 1973.
The effects of his purchase on the Yankees
After George Steinbrenner purchased the Yankees in 1973, he quickly began to rebuild the team. His first order of business was to bring in free agent Catfish Hunter. Hunter had been one of the most dominant pitchers in baseball over the previous few seasons, and Steinbrenner was determined to make him a Yankee. The owner was willing to pay whatever it took to get Hunter, and he ended up signing a five-year, $3.75 million contract. This was the biggest contract in baseball history at the time, and it set the tone for Steinbrenner’s ownership. He was not afraid to spend money on his team, and he was always looking for ways to improve the Yankees.
Under Steinbrenner’s watch, the Yankees became one of the most successful teams in baseball history. They won seven World Series titles and 11 American League pennants during his time as owner. The Yankees also became one of the most valuable franchises in all of sports. Forbes estimated that the team was worth $1.85 billion when Steinbrenner died in 2010. That number has only gone up since then, as the Yankees are now worth an estimated $3 billion.
The legacy of George Steinbrenner
George Steinbrenner, who passed away in 2010, was the principal owner of the New York Yankees for nearly four decades. He bought the team in 1973 for $10 million, and over the years he turned them into a juggernaut, winning 11 pennants and seven World Series titles. The Yankees became one of the most valuable franchises in all of sports, worth an estimated $4 billion today.
But how much did Steinbrenner actually pay for the team? The answer is a bit complicated.
Steinbrenner actually bought two different entities when he purchased the Yankees. First, he bought the team itself from CBS for $8.7 million. Then he bought Yankee Stadium from New York City for $2.5 million. The total purchase price was $11.2 million.
However, that’s not the whole story. In order to finance the purchase, Steinbrenner had to take out a loan for $9 million from a group of investors led by John Hay Whitney. He also had to put up his own personal assets as collateral for the loan.
George Steinbrenner died in 2010, but his legacy as one of the greatest baseball owners of all time lives on.