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| Friday, May 25th, 2012

Haute 100 NY Update: Hal Steinbrenner Denies Reports That Family Is Selling the Yankees

New York Yankees managing general partner Hal Steinbrenner called a Daily News report that his family was selling the team “pure fiction” yesterday. Major League Baseball followed with a statement saying it had “received no indications from any representatives of the New York Yankees or anyone else that the club is for sale.”

The rumor was perhaps stoked by the recent sale of the Los Angeles Dodgers for $2.15 billion and by a potential spike in the federal capital gains tax from 15% that would dent the value of the transaction. However, the New York Times explains that Hal’s famous father George’s estate planning rendered his heirs all but incapable of selling the team. Hal Steinbrenner backed that up, assuring the media that the Bronx Bombers ““will be in [his] family for many years to come.”

[Source: NYT]

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