Book reveals how close Yankees were to moving out of Bronx, George Steinbrenner losing ownership bid

Book Reveals Steinbrenner's Surprise Yankees Purchase, Bronx Stay

Mike Vaccaro's new book "The Bosses of the Bronx" discloses that George Steinbrenner's group was not the favorite to buy the New York Yankees from CBS in 1973. A Lehman Brothers-led contingent, featuring former New York Giants catcher Herman Franks as prospective leader, offered between $13.5 million and $14 million and committed to relocating the team from the Bronx to a new New Jersey stadium. Steinbrenner's group instead acquired the franchise for just over $10 million, netting about $8.8 million after CBS repurchased two parking garages for $1.2 million.

Steinbrenner, partnering with E. Michael Burke and others, took control and pledged to keep the Yankees in New York despite Yankee Stadium's deteriorating condition and hopes for city repair funding. The Lehman group had courted Willie Mays as manager, which would have made him the first African American in that role a season before Frank Robinson's debut on April 8, 1975. At his introductory press conference, Steinbrenner called the deal "the best buy in sports today" and a bargain, according to Vaccaro's account.

From 1973 until Steinbrenner's death in July 2010, the Yankees captured seven World Series titles. The transaction marked the last time a major league baseball team sold at a loss. The franchise now carries an approximate valuation of $9 billion.

Steinbrenner's ownership launched the Yankees' return to prominence after a period of irrelevance under CBS.