Paramount Wants to Buy the Yankees From Steinbrenner
Mar. 12, 1992
NEW YORK (AP) _ Paramount Communications wants to buy the New York Yankees from George Steinbrenner, the New York Daily News reported today.
The entertainment conglomerate already owns basketball's New York Knicks, hockey's New York Rangers and New York's Madison Square Garden and has cable TV rights to the Yankees. The team has been estimated to be worth as much as $300 million.
Steinbrenner, who has a 55 percent interest in the team, has alternately talked seriously with Paramount and remarked that he is undecided about going through with a sale, the Daily News said without identifying its sources.
Steinbrenner bought the team in 1973 but has been barred since 1990 from taking part in its day-to-day operations - a penalty imposed by baseball Commissioner Fay Vincent because of Steinbrenner's association with a gambler.
The talks, which began two weeks ago, started with discussions on the sale of shares by the Yankees' limited partners, the paper said.
But Steinbrenner, because of his problems with the baseball commissioner and his two sons' reluctance to continue the family's control of the team, later expressed interest in selling his controlling stake, the Daily News said.
The News said Steinbrenner insisted Wednesday that the talks involved only the limited partners' shares.
But Paramount is interested only in owning the whole team, the newspaper said, citing a source familiar with the talks.
''To say these talks are serious at this time, I couldn't say that,'' Steinbrenner said. ''You can't attach the exit of George Steinbrenner to it.''
Paramount public relations executive Monie Begley refused to comment, the newspaper said.