"Yankees hit a billion" NY Daily News 04/21/06

Congrats, George! You have a billion-dollar enterprise in the poorest congressional district in the country but are not ashamed to ask for $480 million in taxpayer subsidies, steal our Macombs Dam Park, and tear down the House-That-Ruth-Built.


Yankees hit a billion

BY BILL HUTCHINSON
DAILY NEWS STAFF WRITER
Friday, April 21st, 2006

George Steinbrenner now has a billion reasons to be happy he's the Boss of the Yankees.

The Bronx Bombers have become the first Major League Baseball franchise to be valued at more than $1 billion.

Forbes magazine crunched the numbers and found the Yankees' value increased 8% over the past year to $1.026 billion to be exact. "The numbers speak for themselves. That's a good score," Yankees spokesman Howard Rubenstein said last night.

Steinbrenner bought the team for a mere $10 million in 1973, an investment that has paid off an incredible 100-fold.

The storied franchise earned revenues of $354 million last year, mostly from its lucrative cable network and sponsors, according to Forbes. Also boosting its bottom line are the 3 million-plus fans the team's All-Star lineup drew last season.

Because of its bloated $200 million payroll, the Yankees paid $77 million in revenue sharing and $34 million in luxury tax.

Despite the glowing numbers, the Bombers reported an operating loss of $50 million last year.

The archrival Boston Red Sox came in second with a value of $617 million.

The Mets were valued at $604 million, a 20% increase from last year.

The defending World Series champion Chicago White Sox, were 18th on the list with a value of $305 million.

The least valued team was the Tampa Bay Devil Rays, a perennial cellar dweller worth $209 million.

The biggest winner was the Washington Nationals, whose value rose a whopping 42% after the franchise moved out of Montreal last year. The Nationals' franchise, valued at $440 million and is up for sale, is owned by Major League Baseball.