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George Steinbrenner stepped in, for better or worse, as the face of the New York Yankees franchise when he led a group with E. Michael Burke and others to purchase the franchise from CBS in 1973. It would be the start of bringing the Yankees back to relevance for years to come.
However, Mike Vaccaro wrote in his new book, “The Bosses of the Bronx,” that the Steinbrenner group was not considered to have been the favorite to buy the team. Vaccaro wrote that a Lehman Brothers-led contingent featuring former New York Giants catcher Herman Franks was poised to lead the team.
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New York Yankees owner George Steinbrenner signs autographs in the stands during a 1993 spring training game at West Palm Beach Municipal Stadium. (USA TODAY Sports)
Franks had already courted Willie Mays as the team’s potential manager, according to Vaccaro. Mays would have been the first African-American manager if the deal had gone through. He would have been one season ahead of Frank Robinson, who made his debut in the role on October 3, 1974.
There were also rumblings, according to Vaccaro, that the team might be courting a new stadium in New Jersey that would have a fresh look compared to the crumbling Yankee Stadium, which was hoping for city funding to make integral repairs.
Amazingly, the Steinbrenner group bought the Yankees for just over $10 million, when Lehman Brothers’ group reportedly offered between $13.5 million and $14 million. It was the last time baseball teams were ever sold at a loss.
New York Yankees owner George Steinbrenner signs autographs before their game with the Florida Marlins at Dolphin Stadium on June 14, 1997. (USA TODAY Sports)
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“This is the best buy in sports today. I think it’s a coup,” Steinbrenner said at his introductory news conference, Vaccaro’s book recalled.
Steinbrenner made it clear that the Yankees would stay in New York and not be swayed by a shiny new stadium in the Meadowlands, where the NFL’s New York Giants and New York Jets would continue to play. Vaccaro wrote that Lehman Brothers “absolutely committed” to leaving the Bronx for Jersey, which proved to be a “deal-breaker” for CBS.
The net purchase for the Yankees ended up being about $8.8 million, as the deal included two parking garages that CBS bought back for $1.2 million after the deal closed.
Yankees manager Joe Torre (left) and owner George Steinbrenner talk before the start of Game 3 of the World Series at Shea Stadium in New York on October 24, 2000. (Eileen Blass/USA TODAY/USA TODAY NETWORK)
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From 1973 until Steinbrenner’s death in July 2010, the Yankees won seven World Series titles.
The Yankees are currently valued at approximately $9 billion.
