$396 Million isn’t exactly a dollar amount most of us will be worth when we pass on. It’s not even a figure most of us will ever be able to wrap our heads around. Well, according to a Forbes Magazine online article today (http://blogs.forbes.com/sportsmoney/2010/07/steinbrenners-death-well-timed-for-estate-tax/) that’s not the amount of money “The Boss” George Steinbrenner was worth but, rather, the amount he will save his family in estate taxes at the time of his death. Mr. Steinbrenner was estimated to be worth about $1.15 Billion when he passed this morning, and, as the article explains, almost all of this monetary worth is locked up in shares of his beloved Yankees.
Whether you loved or hated him, “The Boss” always knew how to make a big splash. He knew how to make a big splash during his years of overspending in the big apple. He knew how to make a big splash in free agency. His comments, over the years, were Page 6 worthy time and again in a city that feeds on the celebrity persona and glorifies the idea that bigger is better. Steinbrenner came along in a time where Television was really just beginning to overtake radio as the main outlet for America’s pastime and, there was no better owner to assist in this transition than “The Boss”. From his multiple firings of Billy Martin, dislike of long flowing locks and decade long feud with Yogi Berra, Steinbrenner was one of a kind.
The simple fact is that, as the most polarizing owner in American Sports history, Steinbrenner thrived in the New York spotlight more so than any other athlete or celebrity really has in the 37 years since he purchased the Yanks for a mere $10 Million dollars. He has turned the Yankees Franchise into the most valuable in American Sports and has done so by shaking the foundation of the game in every way shape or form possible. He was made for New York and New York was made for him.
Free agency wouldn’t be what it is today without “The Boss”, for better or for worse. The way in which media and sports figures interact today has changed, greatly, due to Steinbrenner’s flair for the spotlight. George Steinbrenner modernized not just baseball but, the way in which Professional Sports, in general, operated in these United States.
To get back to that $396 Million…due to a National Loophole, there is no such thing as an estate tax at the current time. This time next year, the tax would have been 55% and, in reality, George’s family may very well have had to sell the team. So, I guess in death, George wins again. He goes out saving his family millions via a loophole. He goes out on the same day as the Major League Baseball All Star Game taking center stage yet again. He goes out the year after his team wins a world series. He goes out with his beloved Bronx Bombers currently sitting in first place (by the way, a World Series win this year would still technically give him 8 as he was the owner of the team on Opening Day).
I guess what I’m trying to say is, I’ll miss you George. As much as I’ll miss you for your passion to win and your desire to be the best, I’ll miss you just as much for your antics over the years which turned into things of legend. From illegal campaign contributions to paying Gambler’s to dig up dirt on Dave Winfield to the comedic Seinfeld episodes revolving around your likeness, I will miss you.
And as always, on this special night in baseball, you will make one last big splash and take center stage during an event meant for players but, ultimately, built for you.
It’s been a tough week for Yankees fans but, I’ll sleep well at night knowing that you’re off somewhere firing Billy Martin for leaving a pitcher in too long in an Old Timers Softball game.
~Tim Rescigno
Filed under: Baseball | Tagged: New York Yankees, George Steinbrenner, Billy Martin
