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Thank you for your interest, but the Yankees are not for sale

Jul 15, 2010, 11:30 AM EDT

There’s a story over at The Daily Beast that tells the often-told tale about how the Dolan family (i.e. owners of Cablevision and the Knicks) want to buy the Yankees.  The reason to re-hash it this time, obviously, is George Steinbrenner’s death. From the article:

Now speculation is beginning to mount among sources close to the Dolans
that Steinbrenner’s death will serve as a “catalyst”–to use Wall Street
vernacular for a triggering event–for them to eventually make another
offer to buy the greatest franchise in sports.

Sure, I can see bringing it up again because a big event just happened that could cause people to re-think, change course, or whatever. But there’s really no there there. There’s no new information which suggests any change of heart on the part of Yankees’ ownership with respect to a sale. What’s more, Yankees’ President Randy Levine is shooting the story down this morning:

“The reporter was told that neither the Yankees nor YES, are, will be or
have have been for sale. This is all fantasy. It’s just as likely that
we would buy the Knicks or Rangers.”

Levine can be full of it sometimes, but this makes abundant sense to me.  Sure, George Steinbrenner just died, but whatever the titles say, George Steinbrenner hasn’t been running the Yankees for several years now.  There’s been a lot of talk about how the Steinbrenner family is getting out of having to pay estate taxes because of the timing of his death, but they didn’t know when he was going to die.  As such, if there was ever an intention of selling the team, wouldn’t it have made sense for it to go into a trust or be sold before Steinbrenner’s death to avoid even the potential for a big tax bill?

Thanks to the new stadium revenues are at an all-time high.  Hal Steinbrenner has shown himself to be even more adept at running the Yankees than his father was. I’ll eat my hat if he sells the team to the Dolans in the next decade.

  1. Bankruptcy Clerk - Jul 15, 2010 at 11:42 AM

    With an apostrophe?

  2. YankeesfanLen - Jul 15, 2010 at 11:45 AM

    Isn’t it indeed a blessing that George finally figured out how to stuff W’s campaign coffers without the missteps he used for Nixon? Now they’ll be no possibility, however remote it had ever been, that the Steinbrenner family will even have to take out a heavy second on the Universe.
    There is nothing more preposterous or frightening than the thought of the Dolans participating in Yankees ownership.
    And for once, go git ’em Randy!

  3. YankeesfanLen - Jul 15, 2010 at 11:52 AM

    And furthermore, Jim Dolan would replace Cashman at GM with Isiah Thomas and we’d be looking up at the O’s in two years.

  4. APBA Guy - Jul 15, 2010 at 12:04 PM

    Strictly from a business and tax perspective, there is no compelling reason to sell the Yankees now. With revenues increasing, the franchise solid and on the cusp of another playoff run, the value of the franchise continues to grow.
    As a cautionary tale the Yankees family need only look down I-95 to DC to find out how it’s done wrong. When Jack Kent Cooke died, he left insufficient capital for his son to run the Redskins and pay estate taxes. Therefore his son sold the franchise to the current Snyder ownership, which has simultaneously made it enormously profitable and run the football operations into the ground.
    The Yankees will only get more valuable if they continue to be run intelligently. No need to sell now. Yankees fans should look to DC and thank heavens for their current good fortune.

  5. Jason @ IIATMS - Jul 15, 2010 at 12:04 PM

    Cablevision in the midst of a $1.4B acquisition that was highly leveraged, adding to their already-significant leverage position (though it was getting better). Can’t see them adding MORE debt to pull this off. And MSG, now separately traded, doesn’t seem to have the ability to add a $3++b asset.

  6. Buccofan - Jul 15, 2010 at 1:43 PM

    No reason to sell, no desire to sell, no pressure to sell. Hugely profitable company, even during a recession.
    Nothing to see here, move on, folks.

  7. Dan in Katonah - Jul 15, 2010 at 2:28 PM

    Knicks fan and Yankee hater, but I would gladly have the Yanks buy out Jim “Daddy, can I run the team?” Dolan. Just seeing the rumor that Dolan was considering bringing back Isiah for GM on the heels of the LeBron failure sent me back into a basketball funk. As much as I dislike the Yankees, I would not wish the Dolans on them.

  8. 27xchamps - Jul 15, 2010 at 3:44 PM

    No Thank you.. we yankees enjoy a enjoyable winning franchise… im a knick fan i couldnt handle two disappointing teams hence why i am not a met fan… also Dan in katonah got to agree what is dolan smoking even entertaining the thought of zeke back in n.y. did he not do enough damage allrready??

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