Talks between Yankees Owner George Steinbrenner and
Cablevision "have broken down over the amount of control
Steinbrenner would retain over the team," according to
sources of Murray Chass of the N.Y. TIMES. Chass writes
that Cablevision Chair Charles Dolan was "not happy" that
details of the talks, which included who would control the
Yankees, the price, and Steinbrenner's involvement with the
Knicks and Rangers, were made public (N.Y. TIMES, 11/25).
In N.Y., Jon Elsen writes that a source said Steinbrenner
already has another offer "from a rival bidder." Elsen: "By
breaking off talks, Dolan made clear to his jittery
investors he won't overpay. But that doesn't mean he still
won't strike a deal" (N.Y. POST, 11/25). Also in N.Y.,
Grant & Goldiner write that sources said Cablevision would
be "less willing to hand" authority over to Steinbrenner and
allow him to make decisions that could "cost the publicly
held company millions of dollars," like threatening to move
if he doesn't get a new stadium. Cablevision "might prefer"
to keep the team in the Bronx and avoid an "extremely
unpopular" move with city residents (DAILY NEWS, 11/25).
DEAL DONE? Yankees Limited Partner Harry Nederlander:
"There's no deal. That's all I can tell you. ... I'm not
being evasive" (NEWSDAY, 11/25). The WALL STREET JOURNAL's
Cauley & Fatsis quote a source as calling the deal "dead,"
and note that Steinbrenner was seeking a pay package of
$100M over 10 years for "broad control" of the Yankees,
Knicks and Rangers (WSJ, 11/25). Murray Chass writes that
it is "unclear whether the breakdown was irreparable" or if
the deal "could be rescued" (N.Y. TIMES, 11/25). Cablevision
shares closed at 41 3/8, down 6 since Monday (THE DAILY).
