The New York Yankees are an American professional baseball franchise based in the Bronx borough of New York City that competes in Major League Baseball (MLB)'s American League (AL) East division. The club began play in the AL in the 1903 season, after owners Frank Farrell and Bill Devery purchased the defunct franchise known as the Baltimore Orioles (not to be confused with the modern Baltimore Orioles) and moved the team to New York City, naming 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 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. Yankees home games were played at Yankee Stadium from 1923 to 1973 and from 1976 to 2008. In 2009, they moved into a new ballpark also called Yankee Stadium 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 clubs in professional sports history worldwide, the Yankees have won 18 division titles, 40 AL pennants, and 27 World Series championships, all of which are MLB records. Forty-four 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 utilized a large payroll to recruit talent, particularly under former owner George Steinbrenner. According to Forbes, in 2013, the Yankees are the highest valued sports franchise in the United States, and fourth in the world, with an estimated value of approximately $2.3 billion. Due in part to their success, the Yankees have garnered enormous popularity worldwide and a dedicated fanbase, as well as widespread enmity from fans of other MLB teams; the team's intense rivalry with the Boston Red Sox is one of the most well-known rivalries in sports.