The New York Yankees organisation will turn a profit this year, CNBC reports.
In 2006, general manager Brian Cashman announced that Major League Baseball’s revenue sharing and luxury tax would push the team into the red. Analysts have generally assumed the Yankees lost money in every year since.
This is a bit deceptive, however; these estimates concern the Yankee organisation, which is owned by Yankeenets LLC, which also owns the YES network. No one knows exactly what sort of deal the organisation has struck with itself over broadcasting rights, but it has been widely speculated that the parent organisation has been profiting off the Yankees.
The reported profitability of the team this year comes on the strength of a shelter from the luxury tax based on expenses assosciated with construction of the new stadium.
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