George Steinbrenner Buys the Yankees from CBS

On January 3, 1973, a group of twelve investors led by Cleveland shipbuilder George M. Steinbrenner III purchased the New York Yankees from the Columbia Broadcasting System for approximately $10 million. CBS had owned the franchise since 1964, and the team's performance under corporate stewardship had been dismal by Yankee standards. The club had not won a pennant since 1964 and had not appeared in a World Series since.

Steinbrenner's personal investment was modest, roughly $168,000, less than two percent of the purchase price. The deal also included two parking garages near Yankee Stadium, which CBS bought back soon after for $1.2 million, effectively reducing the group's net cost to around $8.8 million.

At the introductory press conference, Steinbrenner told reporters he would be a hands-off owner. "I won't be active in the day-to-day operations of the club at all," he said. That prediction proved spectacularly wrong. Steinbrenner became one of the most visible and polarizing owners in the history of professional sports. He hired and fired managers at a relentless pace, pursued free agents aggressively, and demanded winning above all else.

Under Steinbrenner's ownership, the Yankees won seven World Series titles and eleven American League pennants. The franchise's value grew from under $10 million to several billion dollars.

The $10 million price stands as one of the most lopsided transactions in sports ownership history. Steinbrenner controlled the Yankees until his death on July 13, 2010, and his family continues to own the club.