Last Updated on October 27, 2023 at 1:37 pm by Sara Molnick
Since 2008, Hal Steinbrenner is the owner of the Yankees. He owns it as the chairman of Yankee Global Enterprises, LLC, which has the ownership of the New York Yankees baseball team, YES Network, and partial ownership of the New York City FC and AC Milan soccer clubs. It was incorporated in 1999, and the Steinbrenner family runs it.
Hal Steinbrenner did not buy the team. Instead, his father gave him one of the biggest sports franchises. The Steinbrenner family has owned the New York Yankees for many years. Between 1903 and 2022, only five different groups owned the New York Yankees.
George Steinbrenner, the father of Hal Steinbrenner, bought the Yankees from Columbia Broadcasting System for $10 million in January 1973. Since then, the Steinbrenners have made a lot of money because they own the team.
Hal Steinbrenner, who owns the Yankees right now, has a net worth of around $4 billion. Notably, the Steinbrenner family is one of the wealthiest in the world because of a sports team. Forbes says that in 2015, the Steinbrenner family was worth $3.8 billion.
Who were the first owners of the New York Yankees?
President Ban Johnson of the American League knew that for his new major league, which started in 1901, to be successful in the long run, he would need a franchise in New York. Johnson wanted to move Boston, Philadelphia, Baltimore, or Washington to the City and his top choice was Baltimore. He had started talking to Baltimore manager John McGraw behind his back about moving the Orioles to Gotham.
Andrew Freedman, a wealthy and well-connected real estate tycoon, owned the Giants of the National League. He tried to stop Johnson and even got McGraw to agree with him. This made Johnson start talking to Frank Farrell, who had a lot of connections and dominated the City’s illegal high-end gambling and horse race betting. Farrell is said to have shown up with a $25,000 cashier’s check. Johnson gave Farrell the franchise when he showed he was willing to pay $18,000 in team salaries and an extra amount to the former franchise’s minority stockholders. He also showed he was willing to spend the money needed to build a baseball stadium and put together a team. In 1903, Frank J. Farrell and William S. Devery became the team’s owners.
Who were the second owners of the New York Yankees?
Farrell and Devery put more time and effort into their gambling business, and now they owe a lot of money. During the winter of 1914-1915, when the leagues were fighting for players, Ban Johnson knew it was important to strengthen their league’s weakest franchises, like the New York team. He got in touch with brewery magnet Jacob Ruppert.
Farrell, on the other hand, wasn’t really interested in selling the Yankees. He liked all the benefits that came with owning a major league baseball team in New York. Farrell slowed down the sale by taking his time with small details of the contract in the hopes that something would change. The team had lost $83,273 and owed about $285,000 in debts.
On Saturday, January 30, 1915, Johnson had had enough of Farrell putting things off. He put Farrell and Devery in one conference room and Ruppert in another and trusted the lawyers to work out the final document. In the end, the new owners paid $463,000 for the team.
Ruppert and his partner Tillinghast L’Hommedieu Huston put a lot of money into the Yankees, built Old Yankees Stadium, and watched the team grow into a big one. After winning the World Series in 1923, Ruppert bought out Huston’s share of the team and became the sole owner.
Who were the third owners of the New York Yankees?
Larry MacPhail, who had worked for the Dodgers before and was working for the War Department at the time, put together a group of 10 people to buy the team in 1943. Among his investors were businessman Del Webb and athlete Dan Topping. At the end of January 1945, MacPhail, Webb, and Topping finally bought the team, with each of them owning a third. They put just over $3 million into it.
For the 1946 season, MacPhail brought lights and night baseball to Yankee Stadium, just like he had done in Cincinnati and Brooklyn. This was part of his plan to make the organization more modern.
Who were the fourth owners of the New York Yankees?
After three years of being in charge of the Yankees, MacPhail started to crack under pressure and constant attention. Before the 1947 World Series began, Topping and Webb made a deal to buy MacPhail’s one-third share of the team for about $2 million. But the media spread the story that they didn’t trust each other. Soon, Topping became more involved, and the Yankees did very well. But as his health got worse, he looked into ways to sell the team, and Webb agreed. In August of 1964, the Yankees told many people that they were selling the team to CBS Broadcasting, Inc.
Who are the fifth owners of the New York Yankees?
After the Yankees lost their glory, it was hard for CBS to run the team in 1972, and fans didn’t like corporate managers. Mike Burke, who had been an executive at CBS for several years, started talking to George M. Steinbrenner. Then 42 and owner of American Shipbuilding Company, George was planning to purchase the Cleveland Indians. On January 4, 1973, Steinbrenner and a few other general partners put up $10 million, which was $4 million less than what CBS had paid eight years earlier.
Steinbrenner, on the other hand, had his own serious legal problems during the 1974 season. In April, he was charged with 14 felonies, most of which were related to the illegal money he gave to President Richard Nixon’s campaign to stay in office. On November 27, of that same year, MLB Commissioner Bowie Kuhn gave him a two-year suspension, which was later reduced to fifteen months.
Steinbrenner made headlines when he gave Dave Winfield a 10-year, $23 million contract after the 1980 season. This made Winfield the highest-paid player in baseball. On July 30, 1990, MLB Commissioner Fay Vincent banned Steinbrenner from running the Yankee’s day-to-day, but not from owning them. This was because he paid a gambler named Howard Spira $40,000 to find “dirt” on Winfield. Winfield had sued the Yankees because they had broken a promise in his contract to give $300,000 to his foundation. Steinbrenner was reinstated in 1993.
In June 2005, Steinbrenner chose his son-in-law Steve Swindal to take over. When Swindal and Jennifer Steinbrenner got a divorce in 2007, the Yankees bought out Swindal’s financial interest in the team. Hal Steinbrenner took over as chairman of Yankee Global Enterprises from Swindal.
As George Steinbrenner’s health got worse starting in 2007, he slowly delegated the running of the franchise to his sons Hal and Hank. On September 28, 2007, Hal Steinbrenner was chosen to be the Chairman of Yankee Global Enterprises. On November 20, 2008, the owners of Major League Baseball agreed to let George Steinbrenner’s son Hal Steinbrenner run the Yankees.
Who do you consider the best owner in the Yankees’ history?