Aug. 13, 1964 - The Columbia Broadcasting System has purchased an 80% interest in the New York Yankee baseball organization from Daniel Topping and Del Webb. Topping and Webb retained 20% of the stock.
The acquisition of a major sports power by a major broadcasting power was confirmed today by Joe Cronin, the president of the American League.
He said that the league had been “advised that if approval was granted, the New York Yankees will be a separate entity and an autonomous organization independent of CBS, with Dan Topping as president and other members of the organization continuing to formulate policy and manage the Yankee organization.”
League approval was not unanimous. Charles O. Finley, the owner of the Kansas City Athletics, and Arthur Allyn, owner of the Chicago White Sox, were outspoken in their dissent. But the eight other franchises, including the Yankees, gave the necessary three-quarters approval in a vote by telegram and mail conducted by Cronin.
The assets of the Yankees consist of the players on the parent team and the farm-club affiliates but not Yankee Stadium. The team sold the Stadium several years ago and leases it from the current owner, Rice University of Houston.
Topping and Webb changed the structure of their ownership from a partnership to a corporation with the sale. The price has not been revealed, but a conservative estimate would be $15 million.
The ownership of a baseball team by a broadcasting company could bring up several problems. Ed Short, general manager of the White Sox, said he had withheld his approval of the purchase “because of ramifications regarding open television-radio bidding on the World Series, the All-Star Game, and the Game-of-the-Week program.”
Finley described the transaction as “just another perfect example of the shenanigans of the American League president and the New York Yankees.”
“I’m confused and concerned,” said Finley. “I feel that we owners should have had an opportunity to hear the proposal and to ask questions. I think I am entitled to that courtesy and consideration as a partner, and I have not received it.”
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