Sport: Bargain in The Bronx

Once they were the crown jewel of professional sport, a franchise whose very name was synonymous with big league success. But over the years, an archaic ballpark, a deteriorating neighborhood, and a roster of mediocre players have considerably dulled the sparkle of the New York Yankees. Last week the team's owners, the Columbia Broadcasting System, cut their losses by selling the Bronx Bombers for the modest sum of $10 million cash to a syndicate headed by Yankee President and CBS Executive Michael Burke.

CBS purchased the team for $13.2 million in 1964, but the...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!