New York Yankees Were Sold For A Loss! – Lesser Known Fact About The MLB Giants Explored

The New York Yankees are comfortably a financial investment for the Steinbrenner family. Having owned the franchise since 1973, the Bronx seems to be doing quite alright. But imagine a time when one of Network Television’s top juggernauts had owned the pinstripes and then let them slip, at a loss from their initial value bought. Well, if you can’t imagine it, look no further. Because that’s exactly what happened.

The nature of the New York Yankees as we know them today is that they are one of the richest franchises in the world. But it wasn’t always this way. And it all went almost wrong for the Yankees in 1973 when CBS sold them to their current owners, the Steinbrenner family, for $10 million.

The New York Yankees sold for a loss

The New York Yankees were owned by CBS for 9 years in the late 60s and early 70s. And despite the CEO at the time, Michael Burke, pointing out that the sale was because “The New York Yankees no longer fit comfortably in the plans of CBS,” the network would surely be scratching its head at the missed opportunity.

In a slight turn of events, the Yankees were announced as having been sold to “Mike Burke and George Steinbrenner III and 10 owners to be named later.”

In a press conference conducted at the Yankee Stadium, CBC CEO, Mike Burke made the announcement. The CBS Network was finally washing its hands from team ownership in major league baseball at the time. The curious part is that the sale took place for a combined value of $10 million. That’s $3.2 million less than what CBS had originally paid for the franchise.

Read More: How Much Did Steinbrenner Family Pay for New York Yankees in 1973? How Much Is the MLB Team Worth Today?

The Yankees valuation in 2021

The CBS network may have recouped on its investment in 1973, but they could probably be pulling their hair out when they see the franchise’s valuation today. Standing as the MLB’s most well-compensated franchise, the New York Yankees were valued at $6.75 billion in 2021.

While it’s easy to sit here and speak about missed opportunities, hindsight is 2020. And while success doesn’t mean everything to a franchise’s valuation, the Yankees are certainly one of the most historic and successful clubs out there. And a lot of that may also be thanks to the Steinbrenners and their investment in the team.