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The New York Giants , an American Football team which plays in the National Football League (NFL), have had a long, and at times turbulent financial history. The Giants were founded by businessman and Bookmaker Tim Mara with an investment of US$ 500, and became one of the first teams of the NFL. Mara gave control of the team over to his two sons— Wellington and Jack —early in their lives. Although the Giants were successful on the field in their initial seasons, they struggled financially. A key event in franchise history occurred in the 11th game of the Giants inaugural season. The Chicago Bears , led by star running back Red Grange , came to town attracting a then pro football record 73,000 fans, and giving the Giants a much needed financial influx. The following year, Grange and his agent formed a rival league and stationed a competing team, led by Grange, in New York. Though the Giants lost $50,000 that season, the rival league folded and was subsumed into the NFL. After these initial struggles, the Giants financial status stabilized, and they led the league in attendance several times in the 1930s and 1940s. By the early 1960s, the Giants had firmly established themselves as one of the league's biggest attractions. However, rather than continue to receive their higher share of the league television revenue, the Mara sons pushed for equal sharing of revenue for the benefit of the entire league. Revenue Sharing is still practiced in the NFL today, and is credited with strengthening the NFL. After struggling in the latter half of the 1960s and the entire 1970s, the Giants hired an outsider, George Young , to run the football operations for the first time in franchise history. Until that point, all major team operations had been controlled by the Maras. The Giants on-field product and business aspects improved rapidly following the hiring. In 1990, Jack Mara's son, Tim, who was struggling with cancer at the time, sold his half of the team to Bob Tisch . This marked the first time in franchise history the team had not been solely owned by the Mara family. In 2005, Wellington Mara, who had been with the team since its inception in 1925 when he worked as a Ballboy , died. His death was followed two weeks later by the death of Tisch. The Giants are currently owned by the sons of Wellington Mara and Bob Tisch— John K. Mara and Steve Tisch . Estimates at the franchise's current value approach nearly $900 million. EARLY HISTORY AND SUCCESS: 1925–1963 The Giants were founded in 1925 by , 2003 , accessed June 4 , 2007 . and started the team with the statement, "an exclusive franchise for anything in New York is worth $500."Neft, Cohen, and Korch. pg. 112 To differentiate themselves from the Baseball Team Of The Same Name , they took the name "New York Football Giants", which they still use as their legal corporate name.
The Giants went 8–4–1 in 1926, and withstood a challenge from an upstart American football league led by a team featuring Grange. Grange and his agent had formed the '', December 19 , 1926 , accessed June 4 , 2007 . Grange's league lasted one season however, and was subsumed into the NFL. The Yankees folded two years later. The Giants paid a total of $21,000 in player salary in 1926, including paying all player expenses during the season, and player salaries ranged from $1,500 to $3,000. According to the team's secretary Dr. Harry A. March, the attendance for the season was nearly equal to the 274,500 the team reported in their inaugural season. However, home attendance for games at the Polo Grounds dropped from 25,000 to 15,000 a game. The team's attendance on the road was significantly higher in their early history—the team averaged 57,000 in their three road games in 1925. Before the 1929 season, Mara purchased the entire squad of the rival , 2007 . Friedman's arrival in particular boosted tickets sales and fan interest, which more than covered the expense of his high salary ($10,000).Neft, Cohen, and Korch. pg. 78 Following the 1930 season, Mara transferred ownership of the team over to his two sons to insulate the team from creditors, and by 1946, he had given over complete control of the team to them. Jack, the older son, controlled the business aspects, while Wellington controlled the on-field operations. In 1939 and 1940, the Giants led the league in attendance, with 233,440 in six home games in 1939, and 247,646 over seven home games in 1940. Attendance Rises in Pro Football; Grand Total for League Games and Extra Contests in 1939 Placed at 1,575,289 Increase 12.3 Per Cent Giants First For Home Crowds With 233,440 During Season --Detroit Places Next , ''The New York Times'', , 1953 , accessed June 4 , 2007 . In court testimony at the government's anti-trust case against the NFL, Mara called for what he termed a "full-house guarantee", stating that unless all home game were guaranteed to be sold out, they should not be televised within a 75 mile radius of New York City. The Giants had made $49,000 in gate revenue, $50,000 in radio receipts, and $108,000 in television receipts in 1952. Although the Giants were no longer the league's top draw by 1955, falling to ninth in attendance and being one of three teams which had decreased attendance compared to the previous season, the Maras were still financially secure enough to turn down an offer of one million dollars for the team., 1955 , accessed June 4 , 2007 . NFL Commissioner Bert Bell had personally made the offer on behalf of an unidentified group of investors, and accorded to Bell the Maras responded, " {Link without Title} ootball is our business and we intend to remain in it." The offer was the largest for a franchise in pro football up to that point. The investment group was reportedly enticed by the team's potential television revenue–at the time the Giants "television-radio" income led the league at $150,000 annually—and the 8,000,000 population of New York City from which it could draw. Despite the size of the offer, John Mara considered the figure low, and stated that he had "no idea" who was in the group attempting to buy the team. Before the 1956 season, the Giants, who had previously been renting the Polo Grounds from baseball's Giants at a rate of $75,000 a year, began playing their home games at , 1955 , accessed June 4 , 2007 . The Giants run of championship game appearances in their late 1950s and early 1960s combined with their large market location translated into financial success. By the early 1960s, the Giants were receiving $175,000 a game under the NFL's television contract with CBS —four times as much as small-market Green Bay, which was one of the most successful teams of the era. However, in the league's new contract, the Maras convinced the other owners that it would be in the best interest of the NFL to share television revenue equally, a practice which is still current, and is credited with strengthening the league. WILDERNESS YEARS: 1964–1978 has been home to the Giants since 1976. Its construction cost $78 million and it seats 80,242.]] After advancing to the league championship game in five out of the past six seasons, the Giants financial outlook was bright heading into the 1964 season.Adams, Val. Football Giants Slump on TV Too; Third Theater Program of Season Is Abandoned , ''The New York Times'', December 5 , 1964 , accessed June 4 , 2007 . The team even went so far as to book movie theaters where fans could watch the team's games for six dollars. However, the team fell apart quickly following the 1963 season, finishing 2–10–2 in 1964, beginning an 18-season playoff drought. This period in team history is often referred to as "the wilderness years". In 1965, Jack Mara died, leaving his 50 percent share in the team to his son Tim. Desiring their own home stadium, in the early 1970s the Giants reached an agreement with the , 1976 , accessed June 4 , 2007 . The stadium, which would be known as Giants Stadium , was to be built at a brand new sports complex in East Rutherford, New Jersey . As the complex was being built, and their current home at Yankee Stadium was being renovated, they would be without a home for three years. Their final full season at Yankee Stadium was 1972. After playing their first two games there in 1973, the Giants played the rest of their home games in 1973, as well as all of their home games in 1974, at the ), giants.com/history, accessed June 4 , 2007 . Giants Stadium opened in 1976 to a sellout crowd. The Stadium cost $78 million to build, and has a capacity of 80,242. New York Giants (2006) , forbes.com, accessed June 4 , 2007 . The Giants led the league in home attendance in 1978, drawing 604,800 in their eight games. N.F.L. Attendance Report: 12 Million for First Time , ''The New York Times'', , 2007 , reprints of various articles, accessed June 3 , 2007 . MODERN HISTORY: 1979–PRESENT The Giants made the decision to hire a , 2003 , accessed June 1 , 2007 .). Following the 1983 season, The Giants were involved in a fight for the services of star award, they defeated the Denver Broncos in Super Bowl XXI , and in 1990, they defeated the Buffalo Bills in Super Bowl XXV . 's gravesite]] The 1990 season and Super Bowl win marked the end of an era for the Giants. Shortly after the win, defensive coordinator , 1991 , accessed June 4 , 2007 . The sale was actually worked out before the Super Bowl but not announced until afterwards, so as to avoid distracting the team. Tisch and Weber. pg. 46 It marked the first time since their inception in 1925 that the Giants had not been wholly owned and controlled by the Mara family. Tisch was technically the team's co-chief executive at first, however given his lack of football knowledge he chose to defer to Wellington Mara on football decisions in his initial seasons with the club. Although he later took a more active role in making decisions related to the football side of the team, in general, Tisch conentrated on the financial aspects, while Mara focused on the on-field product. After leading the league in attendance in 2001, the Giants finished second to , 2007 . On , 2007 . Just twenty days after Mara's death, on , 2005 , accessed June 4 , 2007 . During the 2005 season, it was also announced that the New York Giants, New York Jets and the New Jersey Sports and Exhibition Authority had '', October 22 , 2006 , accessed June 4 , 2007 . The Giants are currently owned and operated by , 2007 . Current major sponsors include Gatorade , Anheuser Busch , Toyota , and Verizon Wireless . Recent former sponsors include Miller Brewing and North Fork Bank . Game day concessions are provided by Aramark , and the Giants average ticket price is $72. SEE ALSO NOTES SOURCES
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