Book Details Yankees' Near Bronx Exit in 1973
A new book discloses that George Steinbrenner's group edged out a higher-bidding rival to purchase the New York Yankees in 1973, thwarting a potential move from the Bronx to New Jersey. Mike Vaccaro's "The Bosses of the Bronx" reports that a Lehman Brothers-led consortium, favored to buy the team from CBS, planned to install former New York Giants catcher Herman Franks as president and shift operations to a new stadium across the Hudson River. Steinbrenner's faction secured the franchise for just over $10 million despite the competitors' offer of $13.5 million to $14 million.
Steinbrenner, partnering with E. Michael Burke and others, committed to keeping the Yankees in New York, a stance that swayed CBS. The Lehman group had pledged to relocate to the Meadowlands, a deal-breaker for the seller amid Yankee Stadium's decay and hopes for city-funded renovations. Franks had courted Willie Mays as potential manager, which would have made Mays the first Black manager in MLB history, preceding Frank Robinson's debut in that role on April 8, 1975.
Steinbrenner called the acquisition "the best buy in sports today" at his introductory news conference. The net cost fell to about $8.8 million after CBS repurchased two parking garages for $1.2 million. That sale marked the last time a major league baseball team changed hands at a loss.
Under Steinbrenner's stewardship from 1973 until his death in July 2010, the Yankees captured seven World Series titles. The franchise now carries a valuation of approximately $9 billion.
