• Prince Hal Elected Chairman Of YGE

    Posted by on September 28th, 2007 · Comments (1)

    Via Bloomberg

    George Steinbrenner’s son Hal was named chairman of the company that owns the New York Yankees, a possible sign of who will be the next boss of the Major League Baseball team.

    Hal Steinbrenner, one of four children in the family, was promoted from executive vice president and treasurer of Yankees Global Enterprises LLC, the holding company for the team and the Yankees Entertainment & Sports Network.

    He replaces Steve Swindal, who is getting a divorce from Steinbrenner’s daughter Jennifer. Steinbrenner said two years ago that Swindal would one day take over the team.

    George Steinbrenner, 77, hasn’t formally named a successor since Jennifer filed for divorce in March. He did say that the franchise would stay in the family. Sons Hal and Hank had been mentioned as possible candidates, with each taking on a larger role with the organization.

    Steinbrenner spokesman Howard Rubenstein declined to comment on Hal Steinbrenner’s role as a possible successor to his father. He said Swindal relinquished his positions with the Yankees as part of a settlement.

    Hal, 38, is chief executive of Steinbrenner Hotel Properties. He graduated from Williams College and got his Masters in business administration from the University of Florida. Hank Steinbrenner has worked on the family horse farm, Kinsman Stable, in Ocala, Florida.

    Felix Lopez, who’s married to Steinbrenner’s daughter Jessica and is a Yankees senior vice president, was named to the board of directors of Yankees Global Enterprises.

    And, from the Yankees site

    Statement by Harold (Hal) Z. Steinbrenner

    “I am very honored to be elected Chairman of Yankee Global Enterprises LLC. There are many exciting ventures that we’re considering, and I look forward to working hard to bring about success for our organization and for all Yankee fans.”

    Click here to learn more about Hal.

    There are many exciting ventures that we’re considering…

    Let’s just hope that one of them is not ‘selling the team.’ Yankees Global Enterprises is worth about $3 billion. Cashing that in, has to be something that they’ve thought about, at some level, I would bet…it’s only natural.

    Comments on Prince Hal Elected Chairman Of YGE

    1. rbj
      September 28th, 2007 | 4:08 pm

      IIRC, the inheritance tax is gone for 2010, but then comes back again in 2011. Dunno all the complexities of avoiding that tax, but it may have enough bite to force the kids to sell the team just to pay Uncle Sam.

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