Cablevision makes cash-stock offer to Steinbrenner
NEW YORK — Talks have heated up in Cablevision System Corp.’s negotiations to buy the New York Yankees.
Yankees owner George Steinbrenner was said to be interested in a new proposal that had him selling the baseball team but retaining management control as well as taking over management for Cablevision’s New York Knicks and Rangers.
However, Cablevision denied the potential scenario.
“We have had no discussions to relinquish the control or management responsibilities of Madison Square Garden and its teams, and we do not expect to have any such discussions,” said Cablevision in a statement.
“We have a long-standing relationship with Mr. Steinbrenner,” Cablevision CEO Jim Dolan told Daily Variety. “All these stories have come from speculation arising from that relationship.”
The new proposal has Cablevision buying the Yankees for cash and stock with Steinbrenner retaining his general partner responsibilities for the Yankees and adding management control of Cablevision’s sports teams.
Cablevision was said to have offered $500 million for the Yankees in a previous bid. Rupert Murdoch’s News Corp. paid $311 million for the Los Angeles Dodgers this year. Murdoch is a partner with Cablevision in the cable regional sports business.