Metro

Deal to buy Yankees was grand slam

George Steinbrenner made the deal of the century.

He bought the Yankees from CBS in 1973 for $10 million — using just $100,000 of his own money — and turned the moribund franchise into a $1.6 billion benchmark for all sports teams.

In the 37 years he owned the Yankees, the Babe Ruth of business transformed what in 1973 was a second-division team with a third-rate attendance mark into the most valuable franchise in sports.

Combined with the 8-year-old YES Network and its estimated value of as much as $3 billion, Steinbrenner’s initial investment has increased by an astounding 46,000 percent.

That’s a lot better than the S&P 500 stock index, which is up about 900 percent over the same span.

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Steinbrenner, a hands-on owner whose win-at-all-costs mantra became a part of New York sports lore, was the first to sell cable-television rights and was the best at hiring high-priced free agents to create a larger-than-life, star-studded roster.

“He was one of the first people in sports to understand intuitively the value of crossover publicity to a brand like the Yankees,” said Lee Igel, assistant professor for NYU’s Sports Business and Management program.

Under Steinbrenner, the Yankees led the American League in attendance in the past eight seasons, and since 1973 won seven World Championships.

While the ball team alone would win Steinbrenner a business-world gold medal, the YES Network could be even a bigger success story.

“It’s safe to say he’s created the most valuable regional television network that anyone has ever started,” said Dr. Harvey Schiller, a Steinbrenner friend and associate who worked with him on setting up YES.

It’s difficult to determine exactly what stake Steinbrenner’s four children and wife maintain in the franchise.