Francesa Questions Steinbrenner’s Claims About Yankees’ Finances

Mike Francesa has made some bold assertions regarding the financial situation of Hal Steinbrenner’s New York Yankees. On his podcast, he expressed disbelief at Steinbrenner’s recent comments suggesting the Yankees aren’t as profitable as they seem.

Francesa said, “What was Hal thinking? I’m just shocked,” while referencing Steinbrenner’s remarks about preferring a lower salary. He emphasized how unusual it is to claim a franchise is not making money given that the team recorded a staggering $700 million in revenue last year.

“He always gets asked about his salary. Asking for a lower salary feels like it’s ignoring some realities,” he added, pointing out that complaining about certain payments doesn’t quite make sense when they’re saving money on property taxes.

Francesa specifically mentioned Steinbrenner’s frustration over a $100 million payment required to be made to New York City each February at Yankee Stadium.

He seems skeptical about that reported $700 million figure, implying there’s more to the story. “I don’t want to dive too deep, but let’s face it, Hal has really opened a can of worms here,” he said. Francesa believes there’s much the Steinbrenners would prefer to keep hidden.

“Do you know how many holding companies and different entities the Yankees have?” he asked rhetorically. “I mean, implying that they don’t make money—it’s absurd.”

He acknowledged the Yankees are worth between $8 billion and $9 billion, asserting that any team looking to buy them would face stiff competition.

Francesa pointed out that the franchise is under the umbrella of Yankee Global Enterprises LLC, which consists of subsidiaries including YES Network and NYCFC. However, since it’s a privatized entity, lesser-known subsidiaries aren’t publicly reported.

Despite Steinbrenner’s comments, Francesa reiterated his stance that the Yankees are thriving.

He dismissed the notion that they aren’t rolling in money, claiming, “The idea that they lack cash flow is just laughable.” He elaborated on how various financial strategies could conceal higher profits.

This discussion comes at a time when the Yankees are gearing up for key offseason moves, including potentially re-signing star outfielder Cody Bellinger. Their general manager, Brian Cashman, surprised many when he extended a $22 million qualifying offer to fellow outfielder Trent Grisham, who accepted it.

As the offseason evolves, the Yankees need to address multiple rosters gaps to catch up with teams like the Dodgers and Blue Jays, who have challenged them in the ALDS and the World Series.

Francesa remarked, “The Dodgers made the Yankees look like a minor league team,” lamenting that the aggressive approach of previous ownership, particularly under George Steinbrenner, seems to have diminished. He added that the current priorities seem to revolve around playoff appearances rather than dominating the league financially.

In closing, Francesa humorously suggested that it’d be easier to see a donkey fly than for anyone to truly scrutinize the Yankees’ financial records, proposing instead that an independent audit might be necessary to clarify their profitability.