Yankees Owner George Steinbrenner "continued to deny
yesterday that he had reached an agreement to sell a
majority share of the Yankees to Cablevision," according to
Murray Chass of the N.Y. TIMES. Steinbrenner said if he
were to make a deal, "he and his family will retain control
of the team," and he "may wind up running the Knicks and
Rangers." Steinbrenner and Cablevision Chair Charles Dolan
"are said to be close to an agreement" in which Cablevision
would buy a majority interest in the Yankees, including
"most but not all" of the 60% that Steinbrenner's family
owns. On the prospect of running the Knicks and NHL
Rangers, Steinbrenner said, "Don't be surprised at anything"
(N.Y. TIMES, 11/23). Madden & Standora of the N.Y. DAILY
NEWS report that the deal is worth $525M, and includes a $5M
annual payment for Steinbrenner to "assist" in the
operations of the Knicks and Rangers. They put the $525M
price tag for 70% of the Yankees puts the team's value at
$785M (DAILY NEWS, 11/23). But Adams, Topousis & Toy report
that a deal could "fetch" $1B (N.Y. POST, 11/23).
DONE DEAL? While most reports said that an agreement
"was close," NBC Sports reported Saturday that a deal "had
been finalized" (HOLLYWOOD REPORTER, 11/23). NEWSDAY's
Heyman & Sanger put the deal at $575M, but write that it
will not happen until January 1 due to tax considerations
(NEWSDAY, 11/23). Murray Chass reported that one "detail
yet to be resolved is how much some of the minor partners
would be paid for their shares" (N.Y. TIMES, 11/21).
WHO'S THE BOSS? In N.Y., Dave Anderson wrote that
Steinbrenner would see a "tidy profit" from his initial $10M
investment in '73. In addition, the Yankees "would still be
his team in the control sense, and control is the name of
his game." Anderson added that if the $600M price tag
"materializes, Steinbrenner would also raise the financial
roof of every" MLB franchise. For Cablevision, Anderson
wrote, "It's a brilliant business buy for Cablevision."
(N.Y. TIMES, 11/21). Also in N.Y., Richard Sandomir wrote
that a deal would "escalate Cablevision Systems' growth into
one of the most powerful forces in sports," joining Time
Warner as the only three-sport owners (N.Y. TIMES, 11/22).
