Steinbrenners in talks to sell Yanks to DolansBy
When Hank and Hal Steinbrenner took over control of the Yanks from their ailing father George, many fans feared the the family would try to cash in on their billion-dollar asset. Although Yankee fans knew the destructive tendencies wrought by King George during his team, they also came to love George’s singular focus on winning and knew that any other potential ownership group brought with it fears of a heavy hand and bad baseball minds.
Today, multiple New York media outlets confirm what we were dreading: The Steinbrenners are in talks with the Dolan family concerning the Yanks. Although neither side would confirm the talks, a source close to the Yanks said that a deal could be reached before the All Star Break. At that point, the other owners would have to vote to approve the deal.
“Ever since Hal and Hank were appointed co-chairs of the team,” the source said, “the family has been pressuring them to sale. With the Knicks and Rangers in their pockets, the Dolans seemed to be a logical choice, and James has been chomping at the bit to run a baseball team.”
Early reports indicate that the Dolans will pay upwards of $1 billion for a controlling share of the team and the final price could top $1.2 billion. Yankee Global Enterprises, the holding company controlled by the Steinbrenners that owns both the Yankees and YES Network, will hold onto the TV station for now. Considering that George paid $10 million to buy the Yankees in 1973, the family is certainly turning a pretty penny from their 36 years of ownership.
This isn’t the first time that the Dolans, owners of the lucrative Cablevision empire, have expressed interest in buying the Yankees. In late 1998, Steinbrenner and the Dolans were rumored to be close to a sale of the team. George would have gotten $600 million while retaining control over the Yankees, but the deal fell through in March of 1999 over George’s continued involvement with the Yanks. Ownership, it seems, won by winning since that sale didn’t happen.
As the Steinbrenners get rich, though, the franchise and its fans are in for a bumpy ride full of uncertainty. James Dolan, the chair of both Cablevision and Madison Square Garden, has developed a reputation as a hands-on owner who isn’t very good at installing top player managers. On his watch, the Rangers missed the playoffs every year from 1998-2005 despite leading the NHL in payroll. They still aren’t a legitimate threat in the Eastern Conference.
The Knicks, meanwhile, have been a walking disaster since the early 2000s. They haven’t finished a season above .500 in nearly a decade and haven’t won a playoff game since the 1990s. On Dolan’s watch, they suffered through the Isiah Thomas Era and spent millions on just one season of Larry Brown. The team has overpaid for overrated and old players, and Dolan was rated one of the worst owners in the league by Sports Illustrated.
Maybe this will work out for the best. Maybe the Yankees have too many good baseball minds in charge for the Dolans to ruin things. Maybe Cablevision will take a hands-off approach for its $1 billion investment. I can’t help but think though that we’ll miss the Steinbrenners more than we realize.
Update 12:05 p.m.: Please be aware that this is our annual April Fool’s joke. We started this tradition in 2007 when we predicted Roger Clemens’ return to the Yanks, took heat in 2008 when we swapped Kei Igawa into the rotation for Andy Pettitte and stopped hearts last year when we reported on a suspension for A-Rod.
That said, April Fool’s jokes are not always clear to all. An original version of this story cited Sports Business Journal and their staff writer Eric Fisher as the source of this supposed rumor, and to that end, we inconvenienced the sports trade publication and dragged them into our parody. We have since removed their names from this story and offer up our apologies for any inconvenience and confusion this may have generated. This report is nothing more than an April Fool’s joke.