The New York Yankees donated their financial records to the National Baseball Hall of Fame. These records provide a rare glimpse into the business of professional team sports. I use these records to examine how the Yankees’ management reacted to the Great Depression. Since the team possessed both price-setting power over ticket prices and monopsony power over player salaries, how did the team adjust ticket prices and salaries in response to the falling incomes of its customers and general deflation of the early 1930s? How did the team’s response differ from other teams in Major League Baseball?