MLB Rumors: New York Yankees, Hal Steinbrenner Deny Team Is Up for Sale
Depending on whom you believe, the New York Yankees may or may not be put up for sale in the near future.
According to a report in the New York Daily News, the sale of the Los Angeles Dodgers for $2 billion that was finalized earlier this month has the Steinbrenner family exploring the possibility of selling the franchise it has owned since George Steinbrenner bought it in 1973. Per the report:
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.
Co-chairperson and managing general partner Hal Steinbrenner got wind of the Daily News report and vehemently denied that there was any truth to it in a statement to CNBC: "I just read the Daily News story. It is complete fiction. Me and my family have no intention to sell the Yankees & expect it to be in the family for years to come."
Yankees president Randy Levine also denied the rumors to the Daily News, saying there is "absolutely, positively nothing to this."
Should the Steinbrenner family at least explore the possibility of selling the Yankees?
The Steinbrenner family is in an interesting position. With the Daily News report citing multiple baseball sources, someone in the loop with the Yankees has heard something. What exactly that is, we may never know.
Certainly, the Steinbrenner family would be foolish to not at least entertain the idea of selling the franchise. That's not to say that they would do it, but the Daily News says experts estimate the Yankees would potentially sell for $3 billion if the team were put on the market.
Hal Steinbrenner is not his father. He is a businessman, first and foremost. He is much more concerned with the day-to-day business operations and making sure the franchise maximizes its revenue, instead of just throwing money at problems on the field.
Businessmen are always going to do what is in the best interest of their financial portfolio. It's hard to imagine the Steinbrenner family not owning the Yankees, but there is enough smoke out there to think a fire could be burning somewhere.
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