GM Cashman says Yankees losing money
How bad does George Steinbrenner want to win? Bad enough that he's willing to lose money with the Yankees to do so.
"We're making a lot, but we're spending more than we're making," Yankees general manager Brian Cashman told Bloomberg radio for a show to be aired this weekend. Cashman declined to say how much the Yankees are losing.
The Yankees, with Major League Baseball's highest payroll, added to their deficit before the July 31 non-waiver trading deadline, acquiring big-ticket addition Bobby Abreu. The team also acquired pitcher Cory Lidle and utilityman Craig Wilson.
The Yankees broke ground last week on a billion-dollar stadium scheduled to open in the Bronx in 2009.
Cashman told Bloomberg radio that the new stadium is "vital" to helping the Yankees return to profitability.
Forbes Magazine reported that the Yankees became the first MLB team to be worth more than $1 billion with a baseball-best $277 million in revenue.
However, Forbes said the Yankees lost $50 million last season because the team paid $77 million in revenue sharing. The New York Daily News also reported in December that the Yankees lost at least $50 million and possibly as much as $85 million last season.