NEW YORK — Hal Steinbrenner wants Yankees fans to know the franchise isn’t pocketing massive profits. What he won’t tell them is whether the team actually loses money.
The Yankees owner addressed reporters Monday for the first time since February. He spent most of the 21-minute video call discussing finances rather than baseball. His message left fans scratching their heads as the offseason heats up.
When pressed about whether the Yankees turned a profit in 2025, Steinbrenner pushed back hard.
“I don’t want to get into it, but that’s not a fair statement or an accurate statement,” Steinbrenner said. “Everybody wants to talk about revenues. They need to talk about our expenses, including the $100 million expense to the city of New York that we have to pay every Feb. 1, including the COVID year. So it all starts to add up in a hurry.”
Forbes reported the Yankees generated more than $700 million in revenue this year. The franchise carries a league-high valuation of $8.2 billion, the first MLB team to cross that threshold.
A reporter later asked Steinbrenner directly if the Yankees lost money in 2025. His response offered no clarity.
“I’m not going to get into our finances,” he quipped.
Payroll preferences spark concern
Steinbrenner revealed the Yankees finished the 2025 season with a $319 million payroll. That ranked third in baseball behind the Los Angeles Dodgers and New York Mets.
The owner admitted he’d prefer to see that number drop in 2026.
“Would it be ideal if I went down? Of course,” Steinbrenner said. “But does that mean that’s going to happen? Of course not. We want to field a team we know can win a championship, or we believe could win a championship.”
Those words don’t sit well with a fan base starving for success. The Yankees haven’t won a World Series since 2009. That 16-year drought marks the second-longest championship gap in franchise history.
The 2025 season ended with a division series loss to the Toronto Blue Jays. Toronto went on to face the Dodgers in the World Series, falling in seven games as Los Angeles captured back-to-back titles.
Steinbrenner questions spending-success link
The Dodgers have now won three championships in six years while consistently outspending every team in baseball. Their payroll reached approximately $415 million this past season. Steinbrenner sees little connection between those dollars and trophies.
“If there’s a correlation between spending the most money and winning a championship, I still think it’s a weak correlation,” Steinbrenner said. “Sample size of data is not very big. But they earned every bit of it.”
He pointed to his own payroll as evidence.
“There was nothing low about my payroll and the Mets’ payroll, and look where we ended up,” Steinbrenner said.
The Mets spent heavily in 2025 yet missed the playoffs entirely. The Yankees won 94 games and earned a wild card spot before falling to the Blue Jays.
Yankees’ roster needs remain unaddressed
The Yankees currently project to carry roughly $278 million in payroll for 2026. That figure accounts for center fielder Trent Grisham accepting his $22.05 million qualifying offer and reliever Ryan Yarbrough signing a one-year, $2.5 million deal.
Re-signing Cody Bellinger would push New York back above $300 million. The outfielder stands as one of the top free agents available this winter. Steinbrenner declined to discuss specific targets.
“We still need another outfielder,” Steinbrenner acknowledged. “We have options. We need to improve the bullpen, for sure.”
Relievers Devin Williams and Luke Weaver could leave through free agency. The Yankees non-tendered five relievers last week, including Mark Leiter Jr. and Ian Hamilton.
Steinbrenner refused to commit to a specific budget for general manager Brian Cashman heading into December’s winter meetings.
“We can talk before Cashman goes into winter meetings about a range,” Steinbrenner said. “But because it’s a fluid situation, that range can go bye-bye in two seconds if there’s a deal that arises that I feel would be very beneficial to some area of need that we have.”
Private books, public skepticism
The Yankees operate as a private company. They hold no obligation to reveal financial details beyond bond reporting requirements for Yankee Stadium.
That secrecy breeds doubt among observers. MLB franchises function primarily as investments rather than cash-flow businesses. Owners consistently profit from rising team values regardless of annual operating results.
The Yankees franchise value has climbed by roughly $3 billion since 2021 alone. The Steinbrenner family purchased the team in 1973.
Steinbrenner cited spending on player development, scouting, and performance science as major expenses. He suggested fans would be “surprised” by the full picture.
“Nobody spends more money, I don’t believe, on player development, scouting, performance science,” he said. “If you want to go look at the revenues, you got to somehow try to figure out the expense side as well.”
CBA battle looms on horizon
The current collective bargaining agreement expires Dec. 1, 2026. Industry observers expect contentious negotiations between owners and players over a potential salary cap.
Steinbrenner positioned himself as open to a cap, with conditions.
“I would consider supporting a cap only if it’s accompanied by a floor,” he said. “And, of course, it depends what the number is.”
He referenced fans in smaller markets who attend spring training knowing their teams have little playoff hope.
“Those fans would argue that that’s not good for baseball as a whole,” Steinbrenner said. “And it’s a valid argument. Whether it’s true or not, it’s a valid argument.”
His claims about team finances feed directly into that labor dispute. Owners historically argue tight margins while players push for larger revenue shares. Neither side typically produces receipts.
For now, Yankees fans wait to see whether Steinbrenner’s words about championship commitment match his offseason actions. The roster has holes. Free agency has answers. Only time will reveal whether the owner’s wallet opens wide enough to fill them.
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