Wednesday, March 3, 2010

Yankees’ World Series shares cut by $15,023

Yankees’ World Series shares cut by $15,023

Turns out the New York Yankees’ World Series shares didn’t set a record.
A full share for the World Series champions was revised to $350,030 by the commissioner’s office after an accounting error was discovered that caused three people to be left off the original distribution list.
In November, Major League Baseball said a full share was worth $365,053 — topping the $362,173 a full share was worth on the 2006 St. Louis Cardinals. The revised figure for last year was below the $351,504 a full share was worth on the 2008 Philadelphia Phillies.

The original accounting said the Yankees split their $21.27 million portion of the players’ pool into 46 full shares, 12
Two trainers and a player were not properly accounted for, a baseball official said Tuesday, speaking on condition of anonymity because no announcement was made.
The accounting error was first reported by
Baseball will now have to collect $15,023 from each individual who received a full share from the original distribution.
“There was a mistake with respect to shares, and the mistake wasn’t discovered until the money was actually distributed,” union head Michael Weiner said. “The union and the commissioner’s office negotiated a mechanism whereby it could be corrected. It does require players who received full shares to contribute to a pool that then will be used to reimburse the affected individuals.”

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