New York Yankees 1964 1972

The New York Yankees 1964–1972

After the 1964 season, CBS purchased 80% of the Yankees from Topping and Webb for $11.2 million. With the new ownership, the team began to decline. In fact, the Yankees finished in the second division for the first time in 40 years in 1965. This was worsened by the introduction of the major league amateur draft that year, which meant that the Yankees could no longer sign any player they wanted. Webb sold his 10% stake to CBS before the year was over.

In 1966, the Yankees finished last in the AL for the first time since 1912. After they finished next-to-last in the 1967 season, the team's fortunes improved somewhat, but they would not become serious contenders again until 1974. Various reasons have been given for the decline, but the single biggest one was the Yankees' inability to replace their aging superstars with new ones, as they had consistently done in the previous five decades. Topping and Webb had owned the Yankees for 20 years, missing the World Series only five times and going 10–5 in the ones they did get to. By contrast, the CBS-owned teams never went to the World Series.

During this period, the Yankees lost two of their signature broadcasters. The legendary "Voice of the Yankees," Mel Allen, was fired after the 1964 season, supposedly due to cost-cutting measures by long time broadcast sponsor Ballantine Beer. Two years later, Red Barber was let go. Some say this was because of his on-air mention of a paltry showing of 413 fans at a then 67,000-seat Yankee Stadium during a game against the Chicago White Sox.