Like Cadillac or BMW, the New York Yankees' brand name is respected the world over, a badge of excellence in the realm of professional baseball. That a hit Broadway play called Damn Yankees could play off the antipathy generated in rival cities by the franchise's unmatched success is a testament to the powerful associations the team conjures up in the popular mind. Known for its reverence for tradition, the Yankee organization need do little to market itself to prospective ticket buyers. The mere presence of the club's stately eponymous stadium in the South Bronx, with its wall of plaques commemorating some of the game's greatest players, is enough to keep tourists, baseball aficionados, and loyal fans flocking to see the "Bronx Bombers" play.

The team began life as the New York Highlanders in 1903. They were renamed the Yankees in 1913, and began playing...