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Sitting Down With New York Yankees President Randy Levine
CNBC.com | January 07, 2009 | 03:35 PM EST

Lots to talk about given the Yankees offseason. Yankees president Randy Levine stopped by "Power Lunch" today.

Darren: When you signed all these free agents, the initial reaction was, how can you possibly afford this? That's even with the new stadium coming in. Explain to me how the math works.

Levine: At the end of the 2008 season, we had a lot of money coming off our payroll -- actually close to $90 million in player contracts that had been expiring or will not be renewed. Similarly, over the next several years, we also have many, many contracts that are going to expire or some of them won't be renewed. The Steinbrenner family has always had the commitment to reinvest in this franchise and that's exactly what we decided here to do.

Darren: You're going to be at least, as of now, $20 million less (on payroll) than last year.

Levine: That's where we are today. I think it will go up this year, but our payroll this year in 2009 will be less than it was last year and we're planning for the future. We're reinvesting to try to give all Yankees fans and the people a World Series. That's what this organization is about.

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