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. They are one of two major league clubs based in New York City, the other being the New York Mets of the National League. In the 1901 season, the club began play in the AL as the Baltimore Orioles (no relation to 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 the New York Highlanders. The Highlanders were officially renamed 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. Brian Cashman is the team's general manager, and Aaron Boone is the team's field manager. The team's home games were played at the original Yankee Stadium from 1923 to 1973 and from 1976 to 2008. In 1974 and 1975, the Yankees shared Shea Stadium with the Mets, in addition to the New York Jets, and New York Giants. In 2009, they moved into a new ballpark of the same name after the previous facility was closed and demolished. The team is perennially among the leaders in MLB attendance; in 2011, the Yankees had the second-highest attendance.
As 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. The Yankees have won more titles than any other franchise in the four major North American sports leagues. Forty-four Yankees players and eleven Yankees managers have been inducted into the National Baseball Hall of Fame, including Babe Ruth, Lou Gehrig, Joe DiMaggio, Mickey Mantle, Yogi Berra, and Whitey Ford. In pursuit of winning championships, the franchise has used a large payroll to attract talent, particularly during the Steinbrenner era. According to Forbes, the Yankees are the second highest valued sports franchise in the United States and the fifth in the world, with an estimated value of approximately $4 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.