Chuck Dolan’s Cablevision Systems Corp. and George Steinbrenner, owner of the New York Yankees, denied reports that Dolan is negotiating to buy the team for more than $500 million.
“The Steinbrenners will be with the Yankees for many years to come,” said a spokesman for the Major League baseball team.
Other sources say Dolan is ready to buy a minority stake in the team to guarantee a renewal of the contract that funnels a majority of Yankees games to the Dolan-owned MSG (Madison Square Garden) network.
The current 12-year deal between the Yankees and MSG expires after the 1999 season.
ESPN is creating ESPN West, which will start cablecasting in October 1998 when the network gets the rights to the Anaheim Mighty Ducks National Hockey League team. In April 1999, the rights to the Anaheim Angels Major League Baseball team start running on ESPN West. The Walt Disney Co. owns ESPN, the Mighty Ducks and the Angels.