Via the Daily News -
Rumors are flying in Major League Baseball and New York banking circles that the family that has owned Major League Baseball’s premiere franchise since Cleveland shipbuilder George Steinbrenner purchased the club for $8.8 million in 1973 is exploring the possibility of selling the Yankees.
Multiple baseball and finance sources told the Daily News they are hearing that the team the Steinbrenner family has led to seven World Series titles could be put on the block in the wake of the record sale price of $2.175 billion the Los Angeles Dodgers went for in April.
“There has been chatter all around the banking and financial industries in the city for a couple of weeks now,” one high-level baseball source told The News.
Yankee president Randy Levine adamantly denied the rumors: “I can say to you there is absolutely, positively nothing to this. The Steinbrenners are not selling the team.”
Sure, and, back in the ’50′s, the Dodgers and Giants said they were not moving to the West Coast…
Seriously, now is the time to sell for the Steinbrenners. The Dodgers sale set the market price. And, the Yankees know that their team is getting old and average…and the pipeline is not full of legit prospects. Factor in the changes in the draft and payroll taxes – and the Yankees product on the field is going to get worse in the future. Then attendance and TV ratings go down. That’s not going to help the value of the team. Better to sell now, and cash out, while the value is still high.