Are The New York Yankees “For Sale?”
In the course of nearly four decades, the New York Yankees have been synonymous for a number of things: buying high-priced free agent players, the roll call of “The Bleacher Creatures” and being owned by the Steinbrenner family. However, there are whispers that one of those identifiable characteristics of the Bronx Bombers might change in the near future. Here’s a hint – it has nothing to do with the players, nor the Creatures.
There is a brand new piece from the New York Daily News that explores the possibility of the Steinbrenner Family selling the New York Yankees. The rumors have been circling around the organization ever since the Los Angeles Dodgers were sold to a group headlined by Magic Johnson last month for an astounding $2.175 billion.
Despite the whispers of a sale from numerous baseball sources, team president Randy Levine has steadfastly shot down those questions with quotes like, “I can say to you there is absolutely, positively nothing to this. The Steinbrenners are not selling the team.” It’s obvious that Levine wouldn’t give any hints of a potential sale, whether or not it really is happening behind the scenes.
Also, a statement has since been released today by Hal Steinbrenner: “I just read the Daily News story. It is complete fiction. Me and my family have no intention to sell the Yankees and expect it to be in the family for years to come.” However, as sacrilege as it may sound, the numbers make sense for the Steinbrenners to “sell, sell, sell” instead of “buy, buy, buy.”
When the family patriarch George purchased the team from CBS back in 1973, it cost just under $9 million. If the family were to turn around and sell the team here in 2012, there are several estimates that the Yankees would sell for somewhere in the neighborhood of $3 billion, which equals a staggering 3,401% ROI (Return on Investment)!
A baseball source familiar with the inner workings among team owners was quoted as saying, “It would definitely be the right time for the family to sell. The value of the team couldn’t be higher, but at the same time, it’s an older team in a division with younger teams getting better at the same time a lot of the Yankees’ core veterans are starting to go into decline.”
It’s weird, because I’m a Yankee fan first and a general baseball fan second, but that preceding statement totally makes sense to me. The supply & demand is obviously there, because the Yankees are one of the most franchises in American Sports, but the talent is also aging and eroding at a time when others in Major League Baseball are trying to provide a youthful infusion to their squads.
For some insight on potential buyers, check out this additional article from the New York Daily News.