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The New York Yankees officially became a subsidiary of the Columbia Broadcasting System yesterday when final papers were signed and no antitrust action by the Justice Department materialized.
It was learned that the Justice Department, after long and careful consideration, had decided over the last weekend that no suit would be brought. Subsequent action against C.B.S. ownership of the Yankees remains possible but is considered highly unlikely.
Meanwhile, the first news the new owners received was bad. Whitey Ford, one of the chief assets of the Yankees, will have to undergo surgery for the removal of an arterial block, or blood clot, in his left shoulder. The operation will be performed in Houston next Monday.
The formal completion of the purchase by C.B.S., agreed to last Aug. 13, was accomplished in the lowest possible key, in marked contrast to the hullabaloo that surrounded such announcements as the removal of Yogi Berra and the installation of Johnny Keane as Yankee manager right after the World Series.
Meeting Is Private
Dan Topping and Del Webb, the co‐owners of the Yankees since 1947 (when they bought out Larry MacPhail for about $2,000,000), met privately yesterday morning with William Paley, the chairman of the board of C.B.S., and Dr. Frank Stanton, the president of C.B.S. In the presence of their respective lawyers, the papers were signed, giving Topping and Webb $11,200,000.
Continue reading the main storyA three‐sentence statement by C.B.S. constituted the only public acknowledgment of what could prove to be a major turning point in the business history of professional sports. The announcement read:
“C.B.S. confirmed this morning that its acquisition of 80 per cent interest in the New York Yankees became effective today. Under a five‐year‐contract. Mr. Dan R. Topping will be president and chief executive of the New York Yankees, Inc., continuing his former functions. Mr. Ralph Houk will be vice president and general manager.”
This constituted a promotion, at least in title, for Houk, who became general manager a year ago after having been field manager for three years. It will probably have no effect on Houk's duties, which are to run the Yankees under Topping's direction. However, it seemed odd that Houk's promotion to vice president was given less attention than the signing of a bonus player, the appointment of a road secretary or the appointment of a coach.
Webb's position in the new structure is honorary vice president, a director of the corporation, and a 10 per cent stockholder. Topping holds the other 10 per cent of the stock, and C.B.S. holds an option to buy the 20 per cent retained by Webb and Topping within five years.
The Justice Department looked into the purchase, on antitrust grounds, soon after it was announced in August, amid much American League turmoil. The league approved the transaction, 8‐2, with Arthur Allyn of the Chicago White Sox and Charles Finley of the Kansas City Athletics uttering strong objections publicly.
Most of the points examined from an antitrust point of view dealt with C.B.S. as a televi‐ sion network, rather than with the Yankees as a baseball team. The question was whether C.B.S., as a major force in the presentation of entertainment talent, should own a major source of such talent. The potential victim, in this view, was another television network, rather than another baseball club.
It was finally decided that the whole picture did not war rant antitrust action. For all practical purposes, that is the end of the matter, but two circumstances could revive the question. One is that some subsequent action by C.B.S. in the operation of the Yankees couid raise the specter of monopolistic advantage, and the matter could be reopened on that specific issue. The other is that some future Attorney General may have different views
Ford is going to Houston because the specialist in the surgery he needs is there. Dr. Denton Cooley will perform the operation, assisted by Dr. Martin Schulman of Great Neck, L. I.
Ford's arm suddenly went “dead” after he pitched and lost the opening game of the World Series in St. Louis. It remained numb and he was unable to pitch again. He had similar trouble in 1957, but his arm had been fine all through the 1964 season, although he was sidelined by hip and heel injuries. He is 35 years old.
How serious his condition is depends on the where the blockage is, which cannot be determined by X‐rays. If it is easily accessible, the operation is not likely to cause much difficulty. But if it is necessary to cut through muscles or tendons to reach it, Ford's career may be over.
There is no indication that the condition is harmful to Ford's general well‐being. The purpose of having an operation is to be able to pitch again.
The Yankees have received a signed contract from Berra, but it doesn't do anything to clear up Yogi's intentions about accepting an offer from the Mets. It is a two‐year pact as “field consultant,” with a clause that allows Yogi to accept any other job at any time. Berra has said he would make up his mind after his vacation, and evidently he signed this contract as a form of insurance.
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