On This Day in Baseball History January 3, 1973: At a press conference at Yankee Stadium, it was announced that the New York Yankees were being sold for $10-million dollars to a 12-owner group led by Yankees Chief Executive Michael Burke and George Steinbrenner III. The team was owned by CBS after purchasing the team in 1966.
Phil Pepe’s article published by the Daily News on January 4, 1973 states that “The 12 new owners will be equal partners.” Well, we know that didn’t happen.
Steinbrenner was quoted at the presser as saying: “We plan absentee ownership as far as running the Yankees is concerned. We’re not going to pretend we’re something we aren’t. I’ll stick to building ships.” If he had stuck to that the Yankees might never have returned to glory.
In typical Steinbrenner fashion that New Yorkers grew to know, hate and later love when the team started winning, things between Burke and Steinbrenner got tense. Soon thereafter Burke was out, leaving Steinbrenner as the majority owner. The rest is history.
After all was said and done, the selling price for the Yankees was actually $8.8-million dollars. That seems like an awfully low price, especially since according to Forbes in 2015, the Yankees were worth $3.2-billion dollars. What makes it even more remarkable, that Steinbrenner used only $100,000 of his money. Steinbrenner was quoted as saying “It’s the best buy in sports today — I think it’s a bargain.” That is an understatement.
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