George Steinbrenner becomes the new owner of the New York Yankees. The 42-year-old shipbuilder from Cleveland leads a group that buys the Yankees from CBS for $10 million. Steinbrenner had tried a year earlier to buy the Cleveland Indians. The Yankees were a dynasty in decline as the CBS ownership saw dark days in the Bronx as the Yankees, after 29 pennants in 44 years as they went through eight years of mediocrity.

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