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Book Reveals Yankees' Near Move Out of Bronx, Steinbrenner's Ownership Bid
New book 'The Bosses of the Bronx' details how close the Yankees came to leaving the Bronx and George Steinbrenner's successful bid to purchase the team.
Apr. 1, 2026 at 1:24pm
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A new book by Mike Vaccaro, 'The Bosses of the Bronx,' reveals that the New York Yankees were nearly moved out of the Bronx in the 1970s. According to the book, a Lehman Brothers-led group with former Giants catcher Herman Franks set to run the team was the frontrunner to purchase the Yankees from CBS. The Lehman Brothers group reportedly offered between $13.5 million and $14 million, but George Steinbrenner's group ultimately acquired the team for just over $10 million, the last time a baseball team was ever sold at a loss.
Why it matters
This story provides fascinating historical context about the Yankees franchise and how close it came to leaving its iconic Bronx home. It also highlights the pivotal role George Steinbrenner played in keeping the team in New York and laying the foundation for their sustained success in the decades that followed.
The details
The Lehman Brothers group was reportedly planning to move the Yankees to a new stadium in New Jersey, which would have had a fresh look compared to the aging Yankee Stadium that was in need of city funding for repairs. However, the Steinbrenner group's commitment to keeping the team in the Bronx ended up being a 'deal-breaker' for CBS, who ultimately sold the franchise to Steinbrenner's group.
- In 1973, George Steinbrenner led a group that purchased the New York Yankees from CBS.
- The Lehman Brothers group was reportedly the frontrunner to purchase the Yankees before Steinbrenner's successful bid.
- Frank Robinson made his debut as the first African American manager in MLB on October 3, 1974.
The players
George Steinbrenner
The longtime owner of the New York Yankees who led the group that purchased the team from CBS in 1973.
E. Michael Burke
A member of the Steinbrenner-led group that purchased the New York Yankees in 1973.
Herman Franks
A former New York Giants catcher who was set to run the team in the Lehman Brothers-led group that was the frontrunner to purchase the Yankees before Steinbrenner's bid.
Willie Mays
The baseball legend who was reportedly being courted by the Lehman Brothers group to be the Yankees' manager if their bid had been successful.
Frank Robinson
The first African American manager in MLB, making his debut on October 3, 1974, one season ahead of when Willie Mays would have become the first if the Lehman Brothers group had purchased the Yankees.
What they’re saying
“This is the best buy in sports today. I think it's a bargain.”
— George Steinbrenner
What’s next
The book 'The Bosses of the Bronx' by Mike Vaccaro provides further details and insights into this pivotal moment in Yankees history.
The takeaway
This story highlights how close the iconic New York Yankees franchise came to leaving the Bronx and the lasting impact George Steinbrenner had on the team's future success by keeping them in their historic home.
