Book uncovers Yankees’ near move to New Jersey in 1973

The Purchase of the Yankees: A Look Back

In 1973, George Steinbrenner emerged as a prominent figure for the New York Yankees when he, along with E. Michael Burke, led a group to purchase the team from CBS. This marked a significant moment that would eventually rejuvenate the franchise in the years to come.

However, Mike Vaccaro highlights a different narrative in his new book, “The Bronx Bosses.” According to Vaccaro, the Steinbrenner Group was actually not the leading contender for the team. He notes that a group spearheaded by Lehman Brothers, which included former New York Giants catcher Herman Franks, was the frontrunner.

Interestingly, Franks had even approached the legendary Willie Mays as a potential coaching candidate. If this plan had materialized, Mays would have become the first African American manager in Major League Baseball, slightly ahead of Frank Robinson, who took on that role a year later.

Rumors swirled about the possibility of a new stadium in New Jersey, providing a modern alternative to the aging Yankee Stadium, which was slated for renovation with city funding.

In an astonishing turn of events, the Steinbrenner Group acquired the Yankees for just over $10 million, while Lehman Brothers’ bid was reportedly between $13.5 million and $14 million. It was notably the last time a baseball franchise was sold at a loss.

Steinbrenner’s early remarks were optimistic; at his introductory press conference, he referred to the purchase as “the best in sports today,” deeming it a bargain. He also suggested he wouldn’t mind if the Yankees moved to a new stadium in the Meadowlands, home to the NFL’s New York Giants and Jets. Vaccaro emphasizes that this potential relocation was a firm deal-breaker for CBS.

The deal included two parking lots, which CBS later bought back for $1.2 million. This effectively reduced the Yankees’ net purchase price to about $8.8 million.

Over the years, especially during Steinbrenner’s tenure until his death in July 2010, the Yankees celebrated seven World Series victories. Today, the franchise’s estimated value stands at around $9 billion.