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George Steinbrenner, for better or worse, became 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. This would be the launching pad for returning the Yankees to relevance in the years to come.
However, Mike Vaccaro wrote in his new book, “The Bosses of the Bronx,” that the Steinbrenner group was not considered the favorite to buy the team. Vaccaro wrote that a contingent led by Lehman Brothers and including former New York Giants wide receiver Herman Franks was ready 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 Municipal Stadium in West Palm Beach. (USA TODAY Sports)
Franks was already courting Willie Mays as a potential manager for the team, according to Vaccaro. Mays would have been the first African-American manager if the deal had gone through. He would have been a season ahead of Frank Robinson, who debuted in the role on October 3, 1974.
According to Vaccaro, there were also rumors that the team might be courted in a new stadium in New Jersey that would have had a new look compared to the crumbling Yankee Stadium that was hoping for city funding to make full repairs.
Surprisingly, the Steinbrenner Group purchased the Yankees for just over $10 million while the Lehman Brothers Group reportedly offered between $13.5 and $14 million. It was the last time a baseball team was sold at a loss.
New York Yankees owner George Steinbrenner signs autographs before their game against the Florida Marlins at Dolphin Stadium on June 14, 1997. (USA TODAY Sports)
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“It’s the best buy in sports today. I think it’s a good deal,” Steinbrenner said during his introductory press conference, recalls Vaccaro’s book.
Steinbrenner made it clear that the Yankees would stay in New York and not be swayed by a shiny new stadium at Meadowlands where the NFL’s New York Giants and New York Jets would continue to play. Vaccaro wrote that Lehman Brothers “is absolutely committed” to leaving the Bronx for Jersey, which proved to be a “deal-breaker” for CBS.
The net purchase for the Yankees ultimately came to about $8.8 million, as the deal included two parking lots that CBS bought out 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 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 now valued at approximately $9 billion.
