The Wilmington morning star., 1940-03-16
MANY INTERESTED
IN CLUB PURCHASE
Best Offer To Date Is $4,000,
900, Despite Denials
Sale Expected
BY JUDSON BAILEY

NEW YORK, March 15.-(P)-The
New York Yankees may be worth
all Of the $6,000,00O to $40, 900, 900 or
more that they are popularity sup
posed to be, but in the Wall Street
circles where sums like these are
calculated coldly a clearance sale''
price of $4,000, 900 is being quoted
with no takers.
| In fact, the best legitimate offer
yet made was $4,000, 900, a reliable
financial source told the Associated
Press today.
1t was impossible to ascertain
whether the prices being banded
about in brokerage offices covered
the American league club alone or
included It's many minor league af-
filiates. However, it was pointed out
that the farm system would be use
less, if not worthless, without the
parent club.
The Madison Square Garden cor.
poration is one of the prospective
purchasers of the Yankees, it was
learned, but has made no formal Of
fer since hearing the four million
dollar TASK" price.
Another group reported interested
if satisfactory terms could be OBJ
tanned includes Joseph P. Kennedy,
ambassador to Great Britain, and
Governor Francis P. Murphy of
New Hampshire.
Tho ,,rpriSipo 1y 1ouy pricaS ,1pdor
discussion in qualified financial
circles indicated again the caution
with which baseball investments are
approached by financiers. The same
considerations are involved in the
Yankee deal that caused the trus-
tees of the estate of Charles Comis-
key to seek court permission to sell
the Chicago White Sox. At the re-
quest of heirs, the court refused.
Both Comiskey and the late Col.
Jacob Rupert, who lavishly built
the Yankee dynasty that has
brought four consecutive world
championships, made specific pro-
visions in their wills that the ball
clubs should be kept intact.
Ruppert's fortune, left to three
women, two of them nieces and one
a friend, has been estimated at $780,.
000, 900, largely brewing company
stock and New York real estate.
To make certain that the ball club
should not be affected in the settle
ment of taxes and other affairs,
Rupert designated four trustees to
operate the ball club separately from
the remainder of the estate and pro-
vided that all Inheritance taxes
should be paid out Of the residuary
estate and that in addition the resi-
duary estate should make whatever
loans or advances to the ball club
that might be necessary to keep 1t
at it's present high standard.
The baseball system is reputed to
earn close to half a million dollars
annually, but financial observers
say it might easily start losing
money through circumstances be-
yond control. Furthermore they be-
lieve sale of the club could be ac-
complished with a smaller sacrifice
than could the liquidation of much
of the real estate and other holdings.
Although the government will
grant considerable time for settle
ment of the estate, federal taxes are
expected to be close to SIS, 900, 900
and the New York state tax more
than one-third that sum additional.
This means that a start will have
to be made somewhere and the ball
club, in spite of Col. Rurpert's
wishes and plans, may be the step
ping off point. 1t will be, certainly,
if the price is right.