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George Steinbrenner, for better or worse, took over 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 launching pad for returning the Yankees 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 thought to be the favorite to buy the team. Vaccaro wrote that a contingent led by Lehman Brothers with former New York Giants catcher Herman Franks was set 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 had already been courting Willie Mays as a potential team manager, according to Vaccaro. Mays would have been the first African-American coach if a deal had been reached. He would have been one season ahead of Frank Robinson, who made his debut in the role on October 3, 1974.
There were also rumors, according to Vaccaro, about the possibility of the team being courted for a new stadium in New Jersey that would have had a fresh look compared to the crumbling Yankee Stadium that was awaiting city funds for extensive repairs.
Surprisingly, the Steinbrenner group bought the Yankees for just over $10 million when 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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“This is the best buy in sports today. I think it’s a bargain,” Steinbrenner said at 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 in the Meadowlands where the NFL’s New York Giants and New York Jets would play. Vaccaro wrote that Lehman Brothers “absolutely committed” to leaving the Bronx for Jersey, which proved to be a “dealing factor” for CBS.
The net purchase for the Yankees ended up being about $8.8 million, as the deal included two parking lots 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/RED USA TODAY)
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From 1973 until Steinbrenner’s death in July 2010, the Yankees won seven World Series titles.
The Yankees are valued today at approximately $9 billion.
