Derek Jeter: Yankees owner

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jeter.jpgKevin Kernan thinks that Derek Jeter’s future is in ownership:

The Yankees need to find a way to make Derek Jeter a Yankee for Life.
There’s really only one way. At some point the Steinbrenner family
would have to take him into the ownership group . . . Jeter is set on being an owner when his playing days are done.
Without specifically talking about the Yankees, Jeter told The Post
yesterday that being an owner is “definitely a goal of mine.”

First thought: why do the the Yankees need to find a way to make Jeter a Yankee for life? He’s important, sure, but I think the Yankees are more important to him than he is to them. The team has done just fine without making Babe Ruth, Joe DiMaggio, Yogi Berra, Mickey Mantle, or Reggie Jackson an owners, so I tend to think they’ll survive just fine if they were to hold the line at “special assistant to the general manager” or “spring training instructor” when it comes to Derek Jeter’s future role with the team.

But let’s say all parties are interested in Derek Jeter being an owner. How would that work?

There was a time not too long ago when the Yankees’ ownership club wasn’t the most exclusive in the world. George Steinbrenner was only one of many notables in the original ownership group that purchased the Yankees from CBS in 1973. Included were guys like financier Lester Crown (who still holds a stake), Football legend Lamar Hunt’s brother Nelson, and John DeLorean of all people.  There were a lot of smaller investors from here in Columbus, Ohio, one of whom was a nice old lady who used to be a client of mine. She had Yankee stuff all over her house and used to joke with people that she was going to fire Joe Torre whenever the Yankees beat the Indians as, business aside, they were her true rooting interest.

In recent years the Steinbrenners have either bought out the minority owners or had their shares revert to their control upon death or what have you.  But that doesn’t mean that they can’t let someone like Derek Jeter into the club.  It would just take a (likely token) capital investment and some paperwork.

But it wouldn’t be meaningful ownership. According to Forbes, the Yankees are worth $1.5 billion, and at that price it would cost Jeter way more than he can afford* in order to get a significant stake for himself. And of course, the majority shareholders — the Steinbrenners — are hands-on owners to say the least, so there’s no way they would ever give a minority shareholder real ownership responsibility the way the Giants do, for example.

So if Jeter simply wants to say that he owns a chunk of the Yankees I’m sure that can be arranged. If he really wants to act like an owner some day, however, he’d do better to put together a group of investors himself and buy the Royals or something.

*Kernan mentions Michael Jordan’s recent ascension to owner of the Charlotte Bobcats as an example that Jeter could follow. Worth noting, of course, that the Bobcats are worth less than 1/5 of what the Yankees are worth, and that Michael Jordan has probably made a billion dollars since he left UNC.  Jeter, in contrast, makes something less than $30 million a year in salary and endorsements. Not too shabby, but not the kind of dough you’d need to be able to so much as make decisions regarding office supplies for Yankees headquarters.

Bryce Harper defeats Kyle Schwarber 19-18 to win the 2018 Home Run Derby

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Bryce Harper, who said he was tired after taking his cuts in the first round, certainly appeared gassed in the final round. So, too, did his dad, who was throwing to him. But Harper caught fire, going on a tear and tying Kyle Schwarber with 18 home runs before time expired in the final round of the 2018 Home Run Derby. Harper unlocked 30 seconds of bonus time by hitting two home runs at least 440 feet. With his second swing in bonus time, Harper homered to straightaway center field for No. 19. He tossed his bat in celebration, grabbed his trophy, then gave it to his dad before he was mobbed on the field by his All-Star teammates.

Harper hit 13 home runs in the first round, eliminating Freddie Freeman and advancing to the semifinals. In the semis, Harper topped Max Muncy 13-12 to advance to the finals. On Schwarber’s side of the bracket, he bested Alex Bregman 16-15, then defeated Rhys Hoskins 21-20.

Harper is the first member of the Nationals (or Expos) to win the Home Run Derby. Harper participated in the 2013 Derby but finished in second place behind Yoenis Céspedes. Harper is also the first left-handed hitter to win the Derby since Prince Fielder in 2012. The only players to win the Derby in their home park are Todd Frazier in 2015 and Ryne Sandberg in 1990.

As a spectator, the 2018 Home Run Derby was tons of fun. The four-minute clock adds a lot of tension and intrigue even to the initial rounds. Seeing teammates cheer and get excited for their teammates in the Derby is really fun. Of course, watching dinger after dinger is cool, too. Can’t wait for next year.