How much did a group of investors led by George Steinbrenner pay for the New York Yankees?
The New York Yankees are an American professional baseball team based in the New York City borough of the Bronx. The Yankees compete in Major League Baseball (MLB) as a member club of the American League (AL) East division. They are one of two major league clubs based in New York City, the other being the National League (NL)'s New York Mets.
A group of investors, led by Cleveland-based shipbuilder George Steinbrenner (1930–2010), purchased the club from CBS in 1973, for $8.7 million. Mike Burke stayed on as president until he quit in April. Within a year, Steinbrenner bought out most of his other partners and became the team's principal owner, although Burke continued to hold a minority share into the 1980s.
One of Steinbrenner's major goals was to renovate Yankee Stadium. It had greatly deteriorated by the late 1960s, and the surrounding neighborhood had gone south as well. CBS initially suggested renovations, but the team needed to play elsewhere, and the Mets refused to open their home, Shea Stadium, to the Yankees. A new stadium in the Meadowlands, across the Hudson River in New Jersey, was suggested (and was eventually built, as Giants Stadium, specifically for football). Finally, in mid-1972, Mayor John Lindsay stepped in. The city bought the stadium and began an extensive two-year renovation period.