According to Forbes magazine, the New York Yankees are the first team in major league baseball to be worth more than $1 billion.
That's a far cry from the $10 million shipping magnate George Steinbrenner paid for the Bronx Bombers in 1973. Despite the years, that $10 million would amount to a meager $44.1 million in today's dollars. In other words, Steinbrenner’s purchase of the Yankees rivals the Dutch’s purchase of New York in 1613.
Last season, the Yankees took in $277 million and paid out $77 million in revenue sharing and $34 million in luxury tax to low-income teams, according to Forbes. Despite these numbers, the Yankees still reported a $50 million operating loss before interest, taxes and depreciation because of the revenue sharing.
For Steinbrenner and Yankee fans that initial $10 million — not to mention the operating losses — and subsequent investments has been money well spent. Over 33 years under the stewardship of the controversial owner, the Yankees have captured six world championships, and 10 American League pennants.
Far behind the Yankees in team valuations are the Boston Red Sox ($617 million) and the New York Mets ($604 million). —Gerald Magpily
Forbes: Baseball Team Valuations
Daily News: Yankees hit a billion
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