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A month ago, financial columnist Dan Dorfman floated a rumour that the Steinbrenner family could sell the New York Yankees for up to $3 billion.This morning, the NY Daily News reported the same thing.
Citing sources in the baseball and finance communities, the Daily News says the Steinbrenners are “exploring the possibility” of a sale after the Dodgers sold for an eye-popping $2.175 billion earlier this year — $775 million more than Forbes valued the team.
The Yankees vehemently denied the rumour. Team president Randy Levine told the Daily News, “I can say to you there is absolutely, positively nothing to this. The Steinbrenners are not selling the team.”
Some other factors that the Daily News mentions as reasons Hal and Hank Steinbrenner would sell:
- Hal and Hank don’t have the passion for baseball their father did. Hal is more of a business man than a fan, and earlier this year he pledged to get the payroll under baseball’s luxury tax in order to save costs.
- The Yankees are on the decline, and it could be a long road back to the top with the Rays, Blue Jays, and Orioles stocked with young talent.
Needless to say, take this with a grain of salt.
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