A group of investors, led by Cleveland-based shipbuilder George Steinbrenner (1930–2010), purchased the club from CBS in 1973, for $8.7 million. Mike Burke stayed on as president until he quit in April. Within a year, Steinbrenner bought out most of his other partners and became the team's principal owner, although Burke continued to hold a minority share into the 1980s.
One of Steinbrenner's major goals was to renovate Yankee Stadium. It had greatly deteriorated by the late 1960s, and the surrounding neighborhood had gone south as well. CBS initially suggested renovations, but the team needed to play elsewhere, and the Mets refused to open their home, Shea Stadium, to the Yankees. A new stadium in the Meadowlands, across the Hudson River in New Jersey, was suggested (and was eventually built, as Giants Stadium, specifically for football). Finally, in mid-1972, Mayor John Lindsay stepped in. The city bought the stadium and began an extensive two-year renovation period. Since the city also owned Shea Stadium, the Mets were forced allow the Yankees to play two seasons there. The renovations modernized the look of the stadium, significantly altered the dimensions, and reconfigured some of the seating.
In pursuit of winning championships, the franchise has used a large payroll to attract talent, particularly during the Steinbrenner era. According to Forbes, the Yankees are the second-highest valued sports franchise in the United States and the second in the world, with an estimated value of approximately $4.6 billion.