For $423.5M, Yanks Could Own Freddie, NY Times
In this offseason alone, the Yankees have spent $432.5 million on three free agents: pitchers CC Sabathia and A.J. Burnett and first baseman Mark Teixeira. To get Sabathia and Burnett, New York bid above market prices. For Teixeira they shot appropriately high. yet all those moves pale in comparison to what the Yankees could have bought with the same money in the downtrodden stock market: Freddie Mac, a controlling ownership of Churchill Downs, half of the New York Times or one-third of Foot Locker.
That’s right, Steinbrenner, Steinbrenner and Steinbrenner, Inc., clearly could have spent their money a bit more wisely, according to CNBC Sports Business guru Darren Rovell. Two years ago Freddie Mac was booming, and there’s no reason the organization couldn’t return to their previous glory of share-price highs. Just think: The Yankees could own one of the largest mortgage brokerages in history. They could call it Yankee Homes and go buy up one-third of New England delinquincies, forcing Red Sox fans to sign on to “Yankee Home” deeds. The possibilities are endless.
Instead, New York has two pitchers and a slugging first baseman. For five years (assuming Sabathia doesn’t opt out). Seems like a misallocation of resources, if you ask us.
