The New York Yankees are an American professional baseball team based in the New York City borough of the Bronx. The Yankees compete in Major League Baseball (MLB) as a member club of the American League (AL) East division. The Yankees are one of two Major League clubs based in New York City; the other is the New York Mets. The club began play in the AL in the 1901 season as the Baltimore Orioles(not to be confused with the modern Baltimore Orioles.) Frank Farrell and Bill Devery purchased the franchise (which had ceased operations) and moved it to New York City, renaming the club as the New York Highlanders. The Highlanders were officially renamed as the "Yankees" in 1913.
The team is owned by Yankee Global Enterprises, an LLC controlled by the family of the late George Steinbrenner, who purchased the team in 1973. Former catcher Joe Girardi is the team's manager, and Brian Cashman is the team's general manager. The team's home games were played at Yankee Stadium from 1923 to 1973 and from 1976 to 2008. In 2009, they moved into a new ballpark of the same name after the previous venue closed. The team is perennially among the leaders in MLB attendance—in 2011, the Yankees had the second-highest attendance.
One of the most successful sports clubs in the world, the Yankees have won 18 division titles, 40 AL pennants, and 27 World Series championships, all of which are MLB records. 44 Yankees players and 11 Yankees managers have been inducted into the National Baseball Hall of Fame, including Babe Ruth, Lou Gehrig, Joe DiMaggio, Mickey Mantle, and Yogi Berra. In pursuit of winning championships, the franchise has used a large payroll to recruit talent, particularly during the Steinbrenner era. According to Forbes, in 2013, the Yankees are the highest valued sports franchise in the United States and the fourth in the world, with an estimated value of approximately $2.3 billion. The Yankees have garnered enormous popularity and a dedicated fanbase, as well as widespread enmity from fans of other MLB teams. The team's rivalry with the Boston Red Sox is one of the most well-known rivalries in U.S. sports.