Yankees owner Hal Steinbrenner sees what the Los Angeles Dodgers are doing.
But that doesn’t mean he’s intent on joining the defending World Series champions in their spending spree.
“It’s difficult for most of us owners to be able to do the kind of things that they’re doing,” Steinbrenner told YES Network in a new interview.
The Dodgers, who defeated the Yankees in the World Series in five games last fall, have further bolstered their star-powered roster with a frenzy of free-agent signings this winter.
They added ace Blake Snell on a five-year, $182 million contract; closer Tanner Scott on a four-year, $72 million deal; and Korean infielder Hyeseong Kim on a three-year, $12.5 million pact.
Los Angeles also re-signed outfielder Teoscar Hernandez for three years, $66 million. It gave one-year deals to outfielder Michael Conforto ($17 million) and All-Star reliever Kirby Yates ($13 million), and won the sweepstakes for Japanese phenom Roki Sasaki.
The Dodgers’ 2025 payroll is up to a projected $388.6 million, including the competitive balance tax, according to Cot’s Contracts. No one else is close.
The Yankees’ projected payroll of $302.9 million ranks third in the majors and is right around the highest luxury-tax tier of $301 million. The Philadelphia Phillies are at $307.8 million.
“We’ll see if it pays off,” Steinbrenner said of the Dodgers. “They still have to have a season relatively injury-free for it to work out for them. It’s a long season, as you know you, and once you get to the postseason, anything can happen. We’ve seen that time and time again.”
In March 2024, Forbes valued the Yankees at $7.55 billion, or more than $2 billion than the second-place Dodgers ($5.45 billion). The Yankees also had the highest revenue at $679 million, compared to the runner-up Dodgers’ $549 million.
The Dodgers’ busy offseason comes a year after they signed two-way sensation Shohei Ohtani to a 10-year, $700 million contract featuring heavily deferred money and right-hander Yoshinobu Yamamoto to a 12-year, $325 million deal.
Mookie Betts’ 12-year, $365 million contract with Los Angeles also features significant deferred money.
The Yankees are also set to look different next year. They lost superstar slugger Juan Soto to the Mets, but they have since traded for closer Devin Williams and Cody Bellinger and signed ace Max Fried and first baseman Paul Goldschmidt.
Steinbrenner said he has a chip on his shoulder after losing the World Series, during which defensive miscues in Games 1 and 5 proved costly for the Yankees.
“Dodgers were not better than us. They played better than us,” Steinbrenner told YES Network’s Meredith Marakovits.
“I know we’re way better than we showed in that last series. We’re gonna be better defensively this time around, if we make it. I believe if we make it, we’ll get the job done, but we’ve got to play our best game when you’re playing a team like the Dodgers.”
Here are more takeaways from Steinbrenner’s conversation with YES:
SOTO SAGA
The Yankees offered Soto a reported 16-year, $760 million contract after he helped them win the American League last year.
However, the 26-year-old outfielder chose the Mets’ record-setting offer of 15 years, $765 million with escalators that could bring the total value over $800 million.
“I really didn’t know what to expect,” Steinbrenner said. “I didn’t know what was going to happen. Juan’s got a big family. They were all very involved, so there were a lot of different voices in his ear, talking to him, giving him advice. I really just didn’t know, so I wouldn’t say I wasn’t surprised. I was certainly was disappointed.”
2025 OUTLOOK
Even with Soto’s departure, Steinbrenner feels good about the 2025 Yankees.
They pivoted by signing Fried to an eight-year, $218 million contract, solidifying the top of an already deep rotation.
Williams, a two-time National League Reliever of the Year, effectively replaces Clay Holmes, who blew 13 saves last year, and allows postseason star Luke Weaver to return to a setup role.
Bellinger offers above-average defense in center field and a left-handed swing built for Yankee Stadium.
And Goldschmidt, at age 37, should be an upgrade over last year’s revolving door at first base.
“I think we have a better team right now than we did a year ago today,” Steinbrenner told YES.
“I think our starting rotation’s better. I think our defense is better, and I think Bellinger and Goldschmidt, I think they’re gonna make up for a good deal of Juan’s offense.”
Soto’s offense included a career-high 41 home runs, 109 RBI, a .419 on-base percentage and a .989 OPS.
The Yankees still have a hole in the infield — likely at third base, if they shift Jazz Chisholm Jr. back to second — and do not have a left-handed reliever on their roster.
“We’re not done with anything yet,” Steinbrenner said.
DOMINGUEZ PLAN
Steinbrenner said he envisions top prospect Jasson Domínguez as the Yankees’ starting left fielder — comments that align with what manager Aaron Boone told WFAN on Tuesday.
Domínguez, a natural center fielder, struggled in left during a September call-up last season. But the switch-hitter, 21, flashed offensively in eight MLB games in 2023 and has repeatedly demonstrated his power and on-base skills in the minors.
“There will be a lot of meetings and discussions in spring training, obviously, and we’ll see how he performs and how he feels,” Steinbrenner said. “But everybody’s very excited about him.”
BOONE EXTENSION
Shortly after the Yankees picked up his option for 2025, Boone acknowledged he would be OK managing this season without a contract extension.
But Steinbrenner said discussions about an extension will come “sooner rather than later.”
“I’ve always thought Aaron Boone was a very good manager, and that’s his reputation in the industry,” Steinbrenner said.
“We will be talking with him in the days and weeks to come. Obviously, we’re trying to hit the priorities right now, which is the roster itself, but there will be conversations had with him about potentially staying longer than that.”