Source: Fox News
Summary
In 1973, George Steinbrenner led a group to buy the New York Yankees from CBS for $10 million, beating out a Lehman Brothers-led contingent with Herman Franks. Franks had been courting Willie Mays as the team’s potential manager, and the team was also considering a new stadium in New Jersey. Steinbrenner purchased the team at a loss, the last time a baseball team was sold at a loss. The Yankees would go on to win seven World Series titles under Steinbrenner’s ownership.
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The game followed a familiar script.
The Yankees were on the verge of leaving the Bronx, and it took a last-minute intervention to keep them there. Steinbrenner’s determination to keep the team in New York was the deal-breaker for CBS.
Steinbrenner’s group paid $10 million, a steal compared to the Lehman Brothers’ offer of $13.5-14 million. It was a bargain, and it would prove to be a shrewd investment.
The Yankees would go on to dominate the league, winning seven World Series titles under Steinbrenner’s guidance. The team’s value skyrocketed to a whopping $9 billion today.
This one felt recognizable early, as the Yankees’ quest for dominance began with Steinbrenner’s purchase of the team.
Original observation: The Yankees’ purchase was the beginning of a dynasty that would be marked by a mix of shrewd business deals and on-field success.
