Yankee Global Enterprises
Holding company for the New York Yankees and YES Network.
Yankee Global Enterprises, LLC is an American limited liability company that owns the New York Yankees baseball team, a plurality stake in the YES Network, and 10% stakes in New York City FC and AC Milan. Formed in 1999 as YankeeNets, LLC through a merger of the Yankees and the New Jersey Nets, the company is controlled by the family of George Steinbrenner. It was created to increase negotiating power for television contracts and stadium deals, and later restructured after the Nets and Devils ownership groups split.
Quick Facts
- Former name
- YankeeNets, LLC (1999–2004)
- Industry
- Sports; Hospitality
- Founder
- George Steinbrenner
- Headquarters
- New York City
- Country
- United States
- Products
- Professional sports teams
- Sports venues
- Cable channels
- Brands
- Yankee
- Owner
- The Steinbrenner Family
Facts from the source article.
Background
Yankee Global Enterprises originated as YankeeNets, LLC in 1999, following a merger between the New York Yankees and the New Jersey Nets. The merger was prompted after a proposed sale of the Yankees to Cablevision fell through in 1998, as the two sides could not agree on George Steinbrenner continuing to run the team alongside Cablevision's other pro teams. By combining operations, the Yankees and Nets sought stronger leverage for future television contracts and stadium construction. Harvey Schiller was hired as chairman and CEO in October 1999. The New Jersey Devils were acquired by an affiliate, Puck Holdings, for $175 million, as YankeeNets could not take on more debt. The company later launched the YES Network after negotiations with Cablevision and a lawsuit.
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