Yankee-Cablevision Talks Break Off
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NEW YORK — New York Yankee owner George Steinbrenner and Cablevision Systems Corp. have broken off talks about the possible sale of a major interest in the team, Dow Jones newswires reported Tuesday.
The sides couldn’t agree on how much control Steinbrenner would retain over the team and talks broke off Monday, the report said. The sides have been trying to negotiate a deal for a month.
Steinbrenner has told people that an agreement would still allow him to remain as managing general partner, and that he would still have total control of the Yankees even if Cablevision becomes a limited partner with a large percentage of shares, perhaps as much as 70%.
Dow Jones quoted an individual familiar with the negotiations as saying the deal was “dead” for the time being, but that talks could resume at some point.
Steinbrenner and Cablevision had no comment on the report.
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