Oct
16

Yankees seeking new ownership for the YES Network

By

Via Richard Sandomir: The Yankees are looking for investors to buy out their YES Network ownership partners. The team is not selling its stake — Yankee Global Enterprises owns about one-third of the network — but is looking for purchasers to buy stakes currently held by Goldman Sachs, Providence Equity, and others.

“We want to keep our options open and see what the marketplace is … It’s important to find out what the price would be out in the marketplace and if there is someone comfortable with paying it,” said team president Randy Levine, who recently met with FOX executives along with Hal Steinbrenner and Goldman Sachs partner Gerald Cardinale. Investors like Goldman usually flip their stakes in companies after a few years, but they’ve stuck with YES because the network is a money-making machine. The Yankees went through a similar process back in 2007.

Categories : Asides

29 Comments»

  1. RSM says:

    How much?
    I’ll have to check with my wife first.

  2. Rich in NJ says:

    I wish they’d sell the team to some deep-pocketed person who hates budgets, loves sticking it to Selig and small market owners, and who would let truly competent baseball people run the organization.

    Now, back to the real world.

  3. Eddard says:

    If I bought the shares I’d put Sweet Lou out to pasture.

  4. Cuso says:

    Let’s all pool our money and buy it.

    I’ll collect contributions….

  5. Greg says:

    stuck with YES because it’s a money making machine? Could someone please stick me with something like that.

  6. Robinson Tilapia (I Believe in Scoring Runs!) says:

    Swisher’s fault.

  7. Glen says:

    Can they fix the overpriced/empty seats situation? Legends was barely half full all postseason.

  8. Crosetti1932 says:

    What about an update on the “Flirt-gate” scandal?

    • Robinson Tilapia (I Believe in Scoring Runs!) says:

      Stephen A. and Ryan Rucco called them both “6″‘s. Hearing unattractive men diss women probably way beyond their league is always one of the great joys of life.

    • RBC says:

      “Flirt-gate”??? Please enlighten me and all those that have no clue what you’re talking about.

      • Robinson Tilapia (I Believe in Scoring Runs!) says:

        Alex apparently passed a ball to two women through a batboy asking for their number, basically, in the middle of swinging through a pitch.

        Grade A studmiffins like Stephen A. Smith then proceeded to say these women were beneath even them.

        • Preston says:

          http://www.nypost.com/rw/nypos.....15;300.jpg
          The one on the left is pretty cute, I actually like this, it shows that Alex still has some swagger. I also hate how men marginalize women for looks like this. What did either of these women do to get criticized for their looks by an a-hole like Smith? Can only models go to Yankee stadium. Alex has no trouble getting girls and obviously he thought they were attractive. He’s just pandering to the most meat-headed sports fans who feel better about themselves by pretending that girls who wouldn’t let them buy them a drink are trolls and beneath them.

  9. Crosetti1932 says:

    If I’m the owner, paying like $25 or $30 million, I’m not happy about this story. What would George do?

    • Robinson Tilapia (I Believe in Scoring Runs!) says:

      He’d scream at Harold Rubenstein about it and Bill Madden would report it with his pants around his ankles?

  10. Fred Wilpon says:

    My financial advisor, Bernard Madoff, thinks it’s too risky.

  11. RetroRob says:

    I’ve been surprised the Yankees haven’t tried to increase their ownership beyond 1/3 over the years. They had their chance when the Nets sold their share. It strikes me as an odd investment for non-Yankee investors. A group coming in and owning 1/3 of YES, or even buying the 2/3rds so they are the majority owner, would still be the “minority” owner because the very health of the network is based on the guys, the Yankees, who own 1/3 of it. So even if the new investors own more than the Yankees, the Yankees still seem to be the guys who will call the shots. I think this might be one of the reasons Goldman hasn’t flipped the property already. Perhaps they haven’t been able to get the price they believe it’s worth based on the revenue it’s generating because the value is depressed because of the power the minority investor Yankees have over the 2/3rd shares they don’t own.

  12. AnthonyD says:

    This is f***ing amazing. I have worked w PE companies for a long time and understand that they eventually have to monetize their assets – but now that A Rod is on the sh** end of his deal, CC is declining and ratings have probably peaked, you have to laugh at this. The A Rod deal was negotiated with GS at the table, it was a YES deal and now the Yankees will be stuck while GS prints money off of a relatively small initial investment. I realize the Yankees themselves print money, but WOW do they get smacked around when negotiating. Do they ever do anything efficiently? Rant over.

  13. Eric S says:

    Never the Donald – after what he said about Derek

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