The Yankees had been struggling during their years under CBS ownership, which had acquired the team in 1965. In 1972, CBS Chairman William S. Paley told team president E. Michael Burke the media company intended to sell the club.
During their struggling years under CBS ownership, which acquired the Yankees in 1965, the team faced difficulties. Two years later, in 1972, CBS Chairman William S. Paley informed team president E. Michael Burke that the media company was considering selling the club.