A look at the purchase price of the New York Yankees and how it has changed over time.
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George Steinbrenner’s Purchase of the Yankees
George Steinbrenner’s purchase of the Yankees in 1973 was a turning point in the history of the team. He paid $10 million for the team, which was a lot of money at the time. The Yankees were struggling when he bought them, but he turned them into a winning team. He was the owner of the Yankees for 37 years, and during that time, they won seven World Series titles.
The purchase price
When George Steinbrenner purchased the Yankees in 1973, he paid $10 million for the team. At that time, the Yankees were the most valuable franchise in baseball, and Steinbrenner paid a premium price for the team. Today, the Yankees are worth more than $4 billion, and Steinbrenner’s investment has paid off handsomely.
The other bidders
When George Steinbrenner purchased the New York Yankees in 1973, he paid $10 million for the team. His partners in the purchase were Robert Nederlander and Eugene Jacobs. At the time, this was the second highest price ever paid for a professional sports franchise, trailing only Walter O’Malley’s purchase of the Brooklyn Dodgers in 1957.
The Yankees were not the only team up for sale in 1973. The San Francisco Giants and the Washington Senators (now the Texas Rangers) were also on the market. Bob Lurie was first in line to purchase the Giants, but when his financing fell through, he turned his attention to the Senators. Lurie reached an agreement to buy the Senators for $12 million, but when Congress intervened, he pulled out of the deal.
This left Steinbrenner as the last man standing, and he was able to purchase the Yankees for what was then a record price.
The terms of the sale
In 1973, Steinbrenner purchased the Yankees from CBS for $10 million. The sale included a shareholders’ agreement that allowed Steinbrenner to operate the team free from many of the restrictions that limited other baseball owners. CBS had purchased the team for $11.2 million in 1964 from the estate of Yakov Rotblat.
How the Yankees Have fared Since the Purchase
In 1973, George Steinbrenner bought the Yankees for $10 million. Under Steinbrenner’s ownership, the Yankees won 11 pennants and seven World Series titles. The Yankees also became the first team in Major League history to have an annual payroll over $100 million. Let’s take a look at how the Yankees have done since Steinbrenner’s purchase.
Since the Yankees were purchased by George Steinbrenner in 1973, they have been one of the most successful teams in baseball. They have won seven World Series titles and have made the playoffs nearly 40% of the time. The Yankees have also had success at the minor league level, winning nine championships since Steinbrenner took over.
The New York Yankees have been one of baseball’s most successful franchises since they were bought by George Steinbrenner in 1973.
While the Yankees have always been one of baseball’s richest teams, Steinbrenner’s purchase of the team helped to solidify their financial stability. Under Steinbrenner’s ownership, the Yankees’ payroll increased significantly, which helped to attract some of the game’s biggest stars.
The Yankees also became more aggressive in signing free agents and making trades, which helped them to build a dynasty in the late 1990s and early 2000s.
Since Steinbrenner’s death in 2010, the Yankees have continued to be one of baseball’s most successful teams, winning a World Series in 2009 and reaching the ALCS in 2010, 2011, 2012, and 2017.
Why the Purchase May Have Been a Good Investment
When George Steinbrenner purchased the Yankees in 1973, he paid $10 million for the team. At the time, many people thought he overpaid for the team. However, the Yankees are now worth $4.6 billion, which means the purchase may have been a good investment.
The Yankees’ brand
When George Steinbrenner purchased the New York Yankees in January of 1973, he paid $10 million for the team. At the time, this was the highest price ever paid for a professional sports franchise.
The Yankees are one of the most successful and storied franchises in all of professional sports. They have won 27 World Series championships, more than any other team in Major League Baseball. The Yankees also have a large and loyal following, both in New York and around the country.
The Yankees’ brand is worth a lot of money. In 2017, Forbes valued the franchise at $3.7 billion, making it the most valuable baseball team in the world. So, while $10 million may have seemed like a lot of money at the time, it appears that Steinbrenner may have made a good investment.
The value of the Yankees’ TV rights
The New York Yankees are a baseball team located in the Bronx borough of New York City. They compete in Major League Baseball (MLB) as a member club of the American League (AL) East division. They are one of two MLB clubs based in New York City, the other being the New York Mets of Queens. Since 2017, YES Network has been the exclusive home broadcaster of all Yankees games produced by Yankee Entertainment and Sports (YES).
George Steinbrenner bought the Yankees in 1973 for $8.7 million. At that time, the Yankees’ TV rights were worth about $1 million per year. Today, those rights are worth about $350 million per year, so Steinbrenner’s purchase price looks like a bargain in retrospect.