Report: Yankees’ Sales Talks Off
NEW YORK (AP) _ New York Yankees owner George Steinbrenner and Cablevision Systems Corp. have broken off talks about the possible sale of a major interest in the team, Dow Jones newswires reported Tuesday.
The sides couldn’t agree on how much control Steinbrenner would retain over the team and talks broke off Monday, the report said. The sides have been trying to negotiate a deal for a month.
Steinbrenner has told people that an agreement would still allow him to remain as managing general partner, and that he would still have total control of the Yankees even if Cablevision becomes a limited partner with a large percentage of shares, perhaps as much as 70 percent.
Dow Jones quoted an individual familiar with the negotiations as saying the deal was ``dead″ for the time being, but that talks could resume at some point.
Steinbrenner spokesman Howard Rubenstein did not return telephone calls and Cablevision spokeswoman Susan Pelcher said the company did not have any immediate comment.
Cablevision owns the Yankees television rights under a $486 million, 12-year contract that expires after the 2000 season. In the open market, the Yankees’ TV rights are estimated to be worth an average of $100 million to $150 million under a new 8- to 10-year deal.