The Yankees began play in the 1901 season as the Baltimore Orioles (no relation to the modern Baltimore Orioles). In 1903, Frank Farrell and Bill Devery purchased the franchise after it ceased operations and moved it to New York City, renaming the club the New York Highlanders. The Highlanders were officially renamed the New York Yankees in 1913.
The team is owned by Yankee Global Enterprises, an LLC that is 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 the New York Giants. In 2009, they moved into a new ballpark of the same name that was constructed adjacent to the previous facility, which was closed and demolished. The team is perennially among the leaders in MLB attendance.
Arguably the most successful professional sports team in the United States, the Yankees have won 19 American League East Division titles, 40 American League pennants, and 27 World Series championships, all of which are MLB records. The team has won more titles than any other franchise in the four major North American sports leagues - after briefly trailing the NHL's Montreal Canadiens by one or two titles in the 1990s. Forty-four Yankees players and 11 Yankees managers have been inducted into the National Baseball Hall of Fame, including Babe Ruth, Lou Gehrig, Joe DiMaggio, Mickey Mantle, Yogi Berra, Whitey Ford, Mariano Rivera, and Derek Jeter, with Rivera and Jeter having the two highest vote percentages of all Hall of Fame members. According to Forbes, the Yankees are the second-highest valued sports franchise in the United States and the second in the world, with an estimated value of approximately $5 billion. The team has 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 North American sports.