If you happen to have $3 billion burning a hole in your pocket, don’t take it to Hal Steinbrenner and the Yankees. They aren’t interested.
After Forbes valued the Yankees at $3.2 billion, behind only Real Madrid’s $3.26 billion as the most valuable sports franchise, the Yankees principal owner assured everyone the team is not for sale — and won’t be anytime soon.
MORE: Rare spring training photos | What will keep the Pirates from the playoffs?
“This is a family business and we're all involved,” Steinbrenner said (via ESPN.com). “We all love being a part of this. We all know our dad wanted us to be a part of us, and we all know he's watching down on us and happy that we're all a part of it. Believe it or not, to us, that's a big deal. The idea is, let's keep it going.”
George Steinbrenner purchased the Yankees in 1973 for $8.3 million, and in the time since, the organization’s value has ballooned to nearly 400 times his initial investment.
Hal and his three siblings, Hank, Jennifer and Jessica, all have roles in the organization and intend to pass on their responsibilities to younger Steinbrenner generations.
"It's already been discussed," Hal Steinbrenner said. "We got a lot of grandkids, and they're very interested. The idea is, it's time to let the young elephants in the tent, in George's words. So it's begun … It's our way of keeping our dad's legacy alive.”