There has been plenty of hand-wringing over the financial plan of the New York Yankees this year. Instead of flexing their financial miscle and sweeping up every player they want, as they have in years past, the Yankees have been spurned by the likes of Eric Chavez, Russell Martin, and Jeff Keppinger.
Reports have been rampant that the Yankees are very serious about getting under the $189 million luxury tax threshold for 2014 and while many have been skeptical, Maury Brown has a new piece up today that sheds some light on why the Steinbrenners may be leaning that direction.
But, today, after accounting adjustments, that player payroll figure that accounts for the 40-man roster and other costs, increased to $223,302,212 and with it, so increased their Luxury Tax bill to $19,311,642. All told, the Yankees have paid $224,558,161 or 91.44% of the total $245,568,176 paid since 2003.
The Yankees have paid almost a quarter of a billion dollars in luxury taxes over the past decade. Even for a family as well-off as the Steinbrenners, that’s gotta sting at least a little bit. When you further consider that during that decade, the Bronx Bombers have taken home exactly one World Series title, it’s easy to see why Hank and Hal might want to reel in the reckless spending their father made famous.