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Fortune: YES network on the block

Discussion in 'Sports and News' started by novelist_wannabe, Aug 2, 2007.

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  1. novelist_wannabe

    novelist_wannabe Well-Known Member

    ... followed by speculation that the Yankees will be sold. Scott Boras must be unbelievably happy at this news.

    http://money.cnn.com/2007/08/01/news/companies/yes_sale.fortune/index.htm?postversion=2007080206
     
    novelist_wannabe, Aug 2, 2007
    #1
  2. EStreetJoe

    EStreetJoe Well-Known Member

    Wow. Just wow. Will be interesting to see what happens. Can't imagine the Yankees not being owned by Steinbrenner.
     
    EStreetJoe, Aug 2, 2007
    #2
  3. heyabbott

    heyabbott Well-Known Member

    Does Steinbrenner make the Hall of Fame?
     
    heyabbott, Aug 2, 2007
    #3
  4. Football_Bat

    Football_Bat Well-Known Member

    Blue font intended, novelist?

    No-brainer.
     
    Football_Bat, Aug 2, 2007
    #4
  5. novelist_wannabe

    novelist_wannabe Well-Known Member

    No blue font intended. If the Yankees get a windfall from the sale of YES, I'm sure Boras would see that as an open vault. 'Course, Boras sees MLB as is own personal open vault anyway ...
     
    novelist_wannabe, Aug 2, 2007
    #5
  6. Boom_70

    Boom_70 Well-Known Member

    spnited is still getting over the shock of Henry Ford no longer owning Ford Motor Company
     
    Boom_70, Aug 2, 2007
    #6
  7. Football_Bat

    Football_Bat Well-Known Member

    I gotcha. But there is no guarantee the new owner(s) will spend like a shipbuilder from Tampa.
     
    Football_Bat, Aug 2, 2007
    #7
  8. Twoback

    Twoback Active Member

    Steinbrenner has done much for the Yankees, much damage to baseball. Let him be in the Yankees Hall Of Fame.
     
    Twoback, Aug 2, 2007
    #8
  9. Boom_70

    Boom_70 Well-Known Member

    One of things that allows the Yankees spend is little debt service. A new owner would be taking on a lot of debt to pay for team which could impact spending on free agents.

    I've not read a lot about it but its possible the Steinbrenner family could be forced to sell as capital gains tax would be cost prohibitive to pass on to airs.
     
    Boom_70, Aug 2, 2007
    #9
  10. Football_Bat

    Football_Bat Well-Known Member

    Wouldn't it be cheaper to pass the corporation on to the "airs" than cold cash?
     
    Football_Bat, Aug 2, 2007
    #10
  11. Boom_70

    Boom_70 Well-Known Member

    The inheritance tax would be same whether its stock or cash.

    If they pass on as stock the aires would need cash to cover the tax based value of stock.

    If the team is sold prior the cash generated could be put into non taxable trusts - making it less of tax burden for aires.

    If you look back the O'malley's ran into same issue with the Dodgers.
     
    Boom_70, Aug 2, 2007
    #11
  12. The Big Ragu

    The Big Ragu Moderator Staff Member

    You just hit the nail on the head. The family owns 36 percent of the network. If that sucker can really fetch 3 to $3.5 billion, that pays the taxes and keeps them solid for a while in terms of meeting their fixed costs. On the face of it, this wouldn't be a precursor to selling the team. It would be a way for the heirs to KEEP the team, pay off the taxes when George goes and still have boatloads of money left to outspend everyone for free agents and draft picks.
     
    The Big Ragu, Aug 2, 2007
    #12
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