The New York Yankees are losing money even as they’re winning games, General Manager Brian Cashman said.
The team’s highest-in-baseball payroll, revenue-sharing outlay and other expenses eclipse its revenue, Cashman said in an interview on Bloomberg radio’s “On the Ball,” to be aired this weekend.
“We’re making a lot, but we’re spending more than we’re making,” Cashman said. He declined to say how much the team is losing.
The Yankees this year became Major League Baseball’s first team worth more than $1 billion, according to Forbes magazine’s annual valuation published in April. The team had a baseball- best $277 million in revenue, Forbes said.
Forbes said the Yankees lost $50 million last season before interest, taxes, depreciation and amortization because they paid $77 million in revenue sharing to less wealthy clubs.
The New York Daily News reported in December that the team lost between $50 million and $85 million last season, even while becoming only the third team ever to draw more than 4 million fans to home games. Neither publication cited anyone from the Yankees organization.
I have to wonder – does the loss include the money made from the YES Network? I wish they would be clear on this.
Sure, it’s a separate “company” from the Yankees. But, to not include YES in the picture would be like saying that Aquafina lost money for Pepsi last year – and then ignoring how much money Pepsi made on their cola line of drinks.