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YANKEES INVESTOR FACES TOUGH TIME SELLING SHARE IN TEAM
Published March 8, 1995
Harvey Leighton, who holds 3.1237% of the Yankees, has gone public in trying to sell his limited share, according to a front- page report in the N.Y. TIMES. Leighton, who wants to sell because of health problems, placed an ad in the WALL STREET JOURNAL offering 1% of the stake for $2.95M. Sales of limited partnerships are "usually cloaked in secrecy," and ads such as Leighton's are "unheard of." But team majority owner George Steinbrenner has full "veto power over who can even own the smallest piece of the team," and Leighton believes two recent potential buyers were blocked by the front office. Yankees General Counsel Daniel Sussman, couldn't comment on the specifics of the Lieghton case, but said the partnership rules make the "managing general partner responsible for protecting the club's profitability and reputation, and that means the policing who can buy in" (Kirk Johnson, N.Y. TIMES, 3/8).