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From Shipping to Sports: Steinbrenner Makes His Move
Article Overview: Despite his entry in the world of sports, Steinbrenner remained loyal to his father’s company. In 1967, he oversaw the merger of Kinsman Shipping and the American Ship Building Company in a move that would firmly establish Steinbrenner’s place in the business world, and turn him into a multimillionaire overnight.
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Free Download - George Steinbrenner Quotes By George Steinbrenner |
From Shipping to Sports: Steinbrenner Makes His Move
Despite his entry in the world of sports, Steinbrenner remained loyal to his father’s company. In 1967, he oversaw the merger of Kinsman Shipping and the American Ship Building Company in a move that would firmly establish Steinbrenner’s place in the business world, and turn him into a multimillionaire overnight.
Meanwhile, Steinbrenner continued his foray into the sports industry. When his Cleveland Pipers partner resigned during a time of financial crisis, Steinbrenner still led his team to victory in the first half of the season. He then invited former Boston Celtics star Bill Sharman to replace his old partner. Together, the two led the Pipers to the American Basketball League championship in 1962.
Unfortunately, due to circumstances beyond Steinbrenner’s control, the ABL folded soon after the win. Steinbrenner and his partners lost all of the money they had invested in the venture, and it took Steinbrenner several years to pay off his creditors.
After recovering, Steinbrenner renewed his commitment to the sports world and decided to dream even bigger than before. This time, in partnership with a group of investors, Steinbrenner purchased the New York Yankees for $8.7 million.
Before 1973, the Yankees had been struggling under the ownership of CBS. CBS Chairman William Paley made the announcement that he wanted to sell the club. Immediately, Steinbrenner’s name had come to mind.
“We plan absentee ownership as far as running the Yankees is concerned,” said Steinbrenner at the time. “We’re not going to pretend we’re something we aren’t. I’ll stick to building ships.” Little did Steinbrenner know just how involved in the sports franchise he was about to become.
Over the years, Steinbrenner revolutionized the entire sport by driving up the cost of baseball players and engaging in a stream of steady hiring/firing among players and managers alike, as well as very public feuding. “I'm really 95 percent Mr. Rogers, and only 5 percent Oscar the Grouch,” he once said. From 1982 to 1990, the Yankees had little to show for their massive bankroll.
In 1990, Steinbrenner caused further controversy by accepting a ban for life from the sport due to illicit dealings with a gambler. He was, however, reinstated just three years later and came back a noticeably more mature owner. Under new management, Steinbrenner helped bring the Yankees back to their prior glory.
Steinbrenner has been awarded the Flying Wedge, the highest honour of NCAA. A new Florida high school scheduled to open up in 2009 is to be named George Steinbrenner High School after his contributions. And, Legend’s Field, the Yankees Spring Training facility in Tampa has been renamed Steinbrenner Field in his honour.
Today, the New York Yankees remain a champion team under the ownership of Steinbrenner’s son, Hal. Still, Steinbrenner’s career remains the stuff of legends in New York. His current estimated net worth is $1.3 billion and although he remains largely out of the public eye, his presence in the team can still be felt both through his son and through his own lasting reputation.
Making the Big Leagues: Baseball Great George Steinbrenner Gets His Start
Making the Big Leagues: How Steinbrenner Hit a Grand Slam
Lesson #4: Nice Guys Finish Last
Lesson #5: Never Lose Sight of Your Fans
Lesson #1: You Have To Spend Money to Make Money
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