The purchase price at the time was $10 million. The team's value is now recorded at more than a billion. George, all of 78 and quite frail, is rich and retired; the kids run the show now.

And do they ever. Within a span of days last month, the Steinbrenner siblings shelled out a total of $425.3 million -- nearly half a billion -- to sign pitchers CC Sabathia and A.J. Burnett, plus first baseman Mark Teixeira, to long-term contracts.

There's a spanking new billion-dollar stadium all set to go. And the Yanks look to be a sure bet to again draw the biggest crowds in Major League Baseball this coming season. Last year, the Yanks put 4.2 million paying bums into the seats in the final at-bat for historic Yankee Stadium.

In 2008, the Yankees' 31-player payroll came in around $210 million, plus a $26.9 million luxury-tax hit that arrived courtesy of Commissioner Bud Selig. (Forbes magazine pegs the Yanks' total 2008 payroll at $253 million; New York newspaper reports typically suggest something in the range of $235 million, luxury tax included.)

So, yes, the Yankees are spending as they attempt to gear themselves up for another World Series run. But they are also shedding: they've taken $88 million off the books through the departures of Jason Giambi, Carl Pavano, Mike Mussina, Ivan Rodriguez and Bobby Abreu, plus the assumed cutting of ties with pitcher Andy Pettitte, who turned up his nose at a one-year, $10-million contract offer.

Interestingly, and despite the mammoth deals for Sabathia, Burnett and Teixeira, the Yankees' payroll might actually drop by $20 million in 2009. That's because those big commitments are spread out over many years.

In total, the Yanks will take in revenues topping $400 million this season. More than half of that comes from ticket sales. The team will take in another $140 million or so in TV rights fees and advertiser sponsorships.

Because the Yanks took the big risk to build a new stadium, they will catch a smart break on the revenue-sharing front. Last year, they shelled out $100 million to their lesser MLB brethren; this year, they will be able to deduct a total of $85 million in stadium debt and building costs, leaving only $15 million in Robin Hood payouts to the league's more lovable losers.

What does it all mean for Baseball and the Yankees' American League East rivals? Perhaps nothing -- the Yankees are just doing what the Yankees always do, setting the payroll bar ever higher as they attempt to buy their way into the post-season.

For the Toronto Blue Jays , this matters not at all.

They haven't spent a nickel this winter thanks to the new economies forced upon the team by the sudden, sharp drop in the value of the Canadian loonie.

The Rogers-owned Jays will cut their payroll costs from $97 million to $85 million, and have added nothing of value this winter. The Jays will be pressed to avoid the AL East basement.

I hold out the personal, wishful-thinking hope that the low-budget Tampa Bay Rays can fight their way into the MLB playoffs again this season, perhaps even replicating the magical 2008 season when they reached the World Series before losing to the Philly Phillies.

That's my underdog instinct at work. There's something about a $50-million team beating the tar out of a $250-million team of Steinbrenner all-stars that just makes me smile.

Record sports editor AL Coates can be reached at acoates@therecord.com