It’s only been two days since George Steinbrenner died, but there already is a report that his passing could precipitate a sale of the New York Yankees.
So I called Marc Utay, managing partner with Clarion Capital Partners, to see if he was interested. Utay, if you remember, made a bid to buy the Chicago Cubs in 2008. The beloved Cubbies were sold to the Ricketts family last year.
“I have no reason to believe the Yankees will be up for sale,” Utay said. He then added that were a process to begin, “everyone” would be interested.
That “everyone” may not, however, include Utay himself. He points out that the Bronx Bombers are the most valuable franchise in professional sports: “The Yankees organization has done a terrific job of building value by launching their own regional sports network and building the new Yankee stadium,” he says. “The Yankees would be worth billions of dollars. Anything above $1.5 billion is beyond the scope of my personal investments.”