The Yankees have been sold to Mike Burke and George Steinbrenner III and 10 owners to be named later.
At a press conference yesterday in Yankee Stadium, Michael Burke presiding, it was announced that the CBS eye has had it. After nine years, the network is bowing out of the baseball business for $10 million, or $3.2 million less than CBS paid for the club.
NY Daily News, read more
The Columbia Broadcasting System System said yesterday that it was selling the New York Yankees to a 12-man syndicate headed by Michael Burke, now president of the team, and George M. Steinbrenner 3rd of Cleveland. The price is $10-million in cash, which is $3.2 million less than what C.B.S paid for the franchise in 1964 the last year The Yankees won the American League pennant.
NY Times, read more
What are the Yankees worth now?
Estimates for the the value of the Yankees range anywhere from $1.8 billion to $4 billion. So if you take the $10 million that the Steinbrenner group paid for the team in 1973, and adjust it for inflation, at most you come up with $60 million. Say what you like about Steinbrenner, he knew a bargain when he saw one, and more importantly, he managed his investment brilliantly.