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 period of decline under CBS management, which acquired the Yankees in 1965, the team faced challenges. Two years later, in 1972, CBS Chairman William S. Paley revealed to team president E. Michael Burke that the company intended to divest itself of the club.