Yankee Global Enterprises, LLC, formerly YankeeNets, LLC, is an American limited liability company (LLC) which owns the New York Yankees baseball team, along with a plurality stake in YES Network and a 20% and 10% stake in New York City FC and AC Milan soccer clubs, respectively. It was formed in 1999 and is controlled by the family of George Steinbrenner. Other investors, including Lester Crown, Donald Marron and Jerry Speyer, own minority stakes. The company was originally created as YankeeNets, through a merger between the Yankees and the New Jersey Nets (now known as Brooklyn Nets). History In 1998, the New York Yankees had their most successful season in modern history, winning a combined total of 125 regular season and playoff games, culminating in a World Series championship. The team was in discussions to be sold to Cablevision, who at the time owned the broadcast rights to every Major League Baseball, National Basketball Association (NBA), and National Hockey League (NHL) team in the New York metropolitan area. The proposed deal fell through because the two sides could not come to an agreement that would include George Steinbrenner continuing to run the team and Cablevision's other pro teams, New York Knicks of the NBA and New York Rangers of the NHL, for the new owners. After the proposed sale fell through, the Yankees and New Jersey Nets of the NBA agreed to merge business operations, creating a combined holding company. This was done to increase the negotiating power of both teams for future television contracts and stadium and arena construction deals. The Yankees' local broadcasting rights with Cablevision's MSG Network were expiring at the end of 2000 season and the Nets' deal with Fox Sports New York would end with the 2001–2002 season. Steinbrenner began considering his own regional sports cable channel. Primary Nets owner Lewis Katz was mainly interested in a new arena. The pre-merger owners would continue to control their teams, with a minority interest in the other team. This arrangement was approved by both Major League Baseball and the NBA. Harvey Schiller was hired as chairman and chief executive officer of the company in October 1999. The New Jersey Devils of the NHL was offered for sale to YankeeNets at the end of 1999. With the company and Nets team unable to take on more debt, Katz and Ray Chambers formed Puck Holdings as an affiliate of