"Simply not sustainable" - Hal Steinbrenner gives fans a shock with latest payroll revelation, Juan Soto extension in doubt

New York Yankees fans are already excited about the prospect of signing Juan Soto before next season, but owner Hal Steinbrenner said that their current payroll will be cut in the near future.

The New York Yankees are historically one of the richest franchises in the MLB and currently have the third largest payroll in the majors, which exceeds $300 million. However, speaking to Dan Martin of the New York Post recently, Steinbrenner said:

"I'm gonna be honest, payrolls at the levels we're at right now are simply not sustainable for us financially. It wouldn't be sustainable for the vast majority of ownership (groups), given the luxury tax we have to pay.''

Hal Steinbrenner gradually took control of the day-to-day operations of the New York Yankees in 2007 and by the end of 2008, he finally took over the team from his father, George Steinbrenner. Since then, he has been the managing general partner and principal owner of the team. He makes the big decisions about the team's finances and according to him, they need to cut down on their payroll.

However, the Yankees will have their payroll reduced by at least $100 million at the end of the year. The likes of Alex Verdugo, Clay Holmes, Gleyber Torres and others are set to enter free agency, which could mean that they have the funds to retain Juan Soto on a long-term contract.

Juan Soto gives owner Hal Steinbrenner more reason to spend big on a long-term contract

Just hours after Hal Steinbrenner's thoughts on the New York Yankees' payroll made the news, Juan Soto is showing why the team needs to do everything in its power to sign him.

After losing two consecutive games against the Seattle Mariners this week, Soto got the Yankees firing again with two home runs in the third game on Wednesday. The outfielder smashed a two-run blast in the third and then a solo homer to give his team a 5-0 lead on the night.

As he continues his hot form for New York, Steinbrenner will have huge pressure to offer him a big contract despite his plans to cut payroll.