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.
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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.
January 3, 1920, Announcement – – Babe Ruth Sold to Yankees by Red Sox for $125,000.
In 1919 Babe Ruth smashed the major league home run record, hitting 29 round-trippers. He broke the record held by Gavvy Cravath, who hit 24 for the Phillies in 1915. Before Ruth hit his 29 homers in 1919, the American League record was only 12.
From The NY Times Babe Ruth of the Boston Red Sox, baseball’s super slugger, was purchased by the Yankees yesterday for the largest cash sum ever paid for a player. The New York club paid Harry Frazee of Boston $125,000 for the sensational batsman who last season caused such a furore in the national game by batting out twenty-nine home runs, a new record in long distance clouting.
From the Miami NewsThe most popular indoor sport in New York today was guessing how much the New York Americans (Yankees) paid for George (Babe) Ruth, the home run monarch. The nearest approach to anything of an official nature was the smiling admission of Col. Jacob Ruppert, the Yankees president, that he understood that an offer of $100,000 for Ruth was refused by Harry Frazee, of the Boston Club. Read more
Popularly held myth that Red Sox Owner Harry Frazee used the Money from the Sale of Babe Ruth to finance the Broadway Musical, “No No Nanette”, is debunked
From Americanpopularculture.com In 1917, Broadway producer Harry Frazee bought the Red Sox. On January 3, 1920, he made baseball’s most notorious swap, sending the Babe to the Yankees for $100,000 in cash and a $300,000 loan. This move started the alleged “Curse of the Bambino,” a spell supposedly responsible for the sequence of calamities since then. Legend has it that he made the deal to finance the hit show No, No Nanette.
Not true. At the time of the Ruth trade. the show’s author, Vincent Youmans, was an unknown rehearsal pianist, and the musical had not been written. No, No Nanette first appeared on Broadway more than five years after the trade, and the two had no direct connection.
The Curse of the Bambino is Also a Myth
The “Curse” rose to prominence back in 1990, when Boston Globe columnist Dan Shaughnessy penned a historical book about the Red Sox. Looking for a way to spruce up 70 years of rehashed stories, Shaughnessy borrowed a Scituate preacher’s theory that the Red Sox had been haunted ever since they sold Babe Ruth to the Yankees in 1920. It was a cute, efficient way to weave together every Sox-related heartbreak over the past eight decades. It also placed Shaughnessy on the map, made him a best-selling author and put his kids through college (to steal a line from local radio personality Gerry Callahan).
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Babe Ruth’s Jersey Sells in 2012 For 40 Times What Babe Sold For
A New York Yankees road jersey worn by the Sultan of Swat in the 1920s sold for a whopping $4.4 million, setting a world record for any sports memorabilia item.
California-based SCP Auctions handled the sale of George Herman “Babe” Ruth’s jersey, which officially came in at $4,415,658.
A New York Yankees road jersey worn by the Sultan of Swat in the 1920s sold for a whopping $4.4 million, setting a world record for any sports memorabilia item. California-based SCP Auctions handled the sale of George Herman “Babe” Ruth’s jersey, which officially came in at $4,415,658.
From the NY Daily News, Read more