George Steinbrenner died ten years ago this week after making a major impact as the principal owner and managing partner of Major League Baseball’s New York Yankees. In this video clip, released for the first time from a past New York Sports Tours event at Midtown Manhattan’s Keens Steakhouse, Yankees general manager Brian Cashman addresses Steinbrenner’s business legacy.
Known as “The Boss,” Steinbrenner served in his Yankees ownership position for the Yankees’ seven most recent World Series championships. Cashman served as assistant general manager for one Yankees World Series title and general manager for four, each during Steinbrenner’s reign.
Regarded as Major League Baseball’s most valuable franchise. the Yankees last year were ranked by Forbes as the second most valuable sports team worldwide, with a value of $4.6 billion.
In 1973, Steinbrenner’s investment group, which included future DeLoreon automobile maker John DeLorean and famed Broadway producer James Nederlander, purchased the Yankees from CBS for $10 million. CBS had paid more than that for the Yankees.
The 1973 purchase price would be recalculated to $8.8 million, as the deal included two CBS parking garages that CBS eventually repurchased for $1.2 million. Also as part of the deal, the Yankees were able to secure a guarantee from the City of New York to renovate Yankee Stadium in the Bronx. The work would cost the city more than $100 million.
“Yes, I think we got a bargain,” Steinbrenner said prophetically at the press conference at Midtown Manhattan’s 21 club when he announced his group’s Yankees purchase. “Our group has shared with many the conviction that the Yankees were more than a baseball team.”
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