Finally, in 1973, Paul sold his interest in the Indians and became part of George Steinbrenner's Cleveland-based syndicate that purchased the Yankees from CBS. Installed as club president that year after the April departure of minority owner E. Michael Burke and the year-end election of GM/interim president Lee MacPhail to the presidency of the American League, Paul helped Steinbrenner rebuild the once-proud Yankees into a champion. In , Paul was selected MLB Executive of the Year for the second time in his career, as the Yankees finished second in the American League East Division and improved by nine games from the edition. Then, the Bombers won their first American League pennant in 12 years in 1976 and first world championship since 1962 the following year.