In August of 1964, CBS purchased an 80% interest in the Yankees for 11.2 million dollars, and eventually bought the remaining 20%.
Whenever the typical "Yankee Hater" talks about "buying championships," they seem to forget the abysmal management of the franchise by the Columbia Broadcasting System, one of the wealthiest corporations in the USA. CBS entrusted the running of the Yankees to Mike Burke -- who had no experience in running a baseball team, but was previously involved with the Ringing Bros. circus, and other showbusiness ventures. It seemed that CBS was more interested in the prestige of adding the Yankees to its corporate portfolio than it was in investing the big bucks to restore the Yankee organization to its former glory.
From 1965 to Steinbrenner's purchase of the team in 1973, the Yankees were steeped in mediocrity and played second banana to the Mets. In no way could you compare Steinbrenner's wealth (the American Shipbuilding Company) with the resources, power, and influence of CBS.
So, folks, it's not big bucks alone that leads to success, but also a commitment, dedication, and passion for winning. We should never forget the shameful way that CBS used our beloved Yankees for its own self-aggrandizement during those dismal years........