Book reveals how close Yankees were to moving out of Bronx, George Steinbrenner losing ownership bid
Book Details Steinbrenner Yankees Win Over Jersey Relocation Bid
Mike Vaccaro's new book "The Bosses of the Bronx" reveals that George Steinbrenner's group was not the favorite to purchase the New York Yankees from CBS in 1973. A Lehman Brothers-led consortium featuring former New York Giants catcher Herman Franks as prospective leader offered between $13.5 million and $14 million, outbidding Steinbrenner's just-over-$10 million deal. The higher bid faltered because the group committed to relocating the team from the Bronx to a new New Jersey stadium.
Steinbrenner, partnering with E. Michael Burke and others, secured the franchise after CBS rejected the move as a deal-breaker. Franks had courted Willie Mays to manage the team, which would have made Mays the first African American manager in MLB history, ahead of Frank Robinson's debut on April 8, 1975. Steinbrenner vowed at his introductory news conference to keep the Yankees in New York, calling the purchase "the best buy in sports today" and a bargain, as recalled in Vaccaro's book.
The net cost to Steinbrenner's group came to about $8.8 million after CBS repurchased two parking garages for $1.2 million post-sale; it marked the last time an MLB team sold at a loss. From 1973 until Steinbrenner's death in July 2010, the Yankees captured seven World Series titles, restoring the franchise's prominence.
The Yankees now carry a valuation of approximately $9 billion.
