The New York Daily News dropped a bombshell on the baseball world late last night with their report that the Steinbrenner family was looking to sell the New York Yankees. According to the report, rumors have been swirling in MLB and New York banking circles that the team could soon be up for sell.
The reported reason why the Steinbrenner family would be interested in selling? The family apparently took notice of the Los Angeles Dodger selling for $2 billion earlier this year. And if the Dodgers can sell for $2 billion, who knows what the Yankees would sell for.
That’s definitely a pretty good reason to sell, but according to Hal Steinbrenner and Yankee president Randy Levine, there is no truth to the Daily News story.
Yankee president Randy Levine adamantly denied the rumors: “I can say to you there is absolutely, positively nothing to this. The Steinbrenners are not selling the team.” And managing general partner Hal Steinbrenner, George’s younger son, weighed in with his own denial Thursday morning, saying in a statement: “I just read the Daily News story. It is complete fiction. Me and my family have no intention to sell the Yankees and expect it to be in the family for years to come.”
Despite the denials, the Daily News seems adamant that there are indeed good reasons for this to happen.
However, according to the sources, who requested anonymity because of the sensitive nature of the situation, the recent sale of the Dodgers to a group that includes NBA legend Magic Johnson is just one reason why the Steinbrenner family may be looking to sell the team, which experts estimate could be worth up to a stunning $3 billion.
“It would definitely be the right time for the family to sell,” said another baseball source familiar with matters involving the league’s owners. “The value of the team couldn’t be higher, but at the same time, it’s an older team in a division with younger teams getting better at the same time a lot of the Yankees’ core veterans are starting to go into decline.”
Guess we’ll see.