George Steinbrenner's purchase of the New York Yankees paid off big time for his family

In 1973, George Steinbrenner led a group that purchased the New York Yankees from CBS for $US8.7 million. Forty-two years later, the franchise is now worth $US3.2 billion according to the latest valuations from Forbes.com.

Steinbrenner’s initial investment in the purchase of the team was just $US168,000 (about $US890,000 in today’s dollars) according to the L.A. Times, or about 1.9% of the total sale price. By the time Steinbrenner passed away in 2010, his stake in the team had grown to 57%. That share was passed on to his family, led by his sons Hank and Hal.

If the Steinbrenner family still owns 57% of the team, it is now worth more than $US1.8 billion, or about 200,000% more than the elder Steinbrenner’s initial investment (considering inflation).

That’s pretty good.

NOW WATCH: Place your bets — Nate Silver just told us who is going to win the Super Bowl

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.