These Yanks are a big hit with New York baseball fans. New York Yankees Partnership owns and operates the New York Yankees professional baseball team, one of the most storied and popular clubs in Major League Baseball. The franchise boasts a record 27 World Series titles and 40 American League pennants, making it the most successful professional sports team in history. Along with that success, the Yankees organization has been associated with such sports icons as Babe Ruth, Lou Gehrig, Joe DiMaggio, and Mickey Mantle. Once known as the Highlanders, the team has represented New York City since 1903. The Steinbrenner family, led by Hal Steinbrenner, has controlled the Yanks since 1973.
While the boys in pinstripes often appear to be in a class by themselves, the ball club is really no different from any other sports team. Ticket sales are the primary source of revenue, and the best way to get people into the stands is to win games. The big difference between the Yankees and other teams is that the franchise's ownership is willing to spend big for all-star talent to win those games, so much so that New York has perennially had the highest payroll in the majors.
The Steinbrenners augmented their deep pockets with a new stadium in 2009 to help keep their team stocked with talent. The Yankees moved into a new Yankee Stadium across the street from the team's historic digs, better known as The House that Ruth Built. The $1.5 billion, 52,000-seat capacity facility features expanded space for luxury suites, restaurants, and other amenities to generate additional revenue for the franchise. The Yankee's original ballpark, built in 1923, was demolished in 2010 to make way for a park.
Also like other sports franchises, the Yankees organization generates a significant portion of its revenue from broadcasting. MLB negotiates national broadcasting deals on behalf of all the teams, but each franchise is able to sell rights to local game broadcasts. Yankees games are typically broadcast on television by Yankees Entertainment & Sports (YES Network), a cable channel 60%-controlled by the Steinbrenner family. Additional revenue comes from merchandise sales and marketing sponsorships.
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