The New York Yankees are an American professional baseball team based in the New York City borough of the Bronx. They compete in Major League Baseball (MLB) as a member club of the American League (AL) East division. They are one of two major league clubs based in New York City, the other being the National League's (NL) New York Mets. The Yankees began play in the season as the Baltimore Orioles (no relation to the modern Baltimore Orioles). In 1903, Frank Farrell and Bill Devery purchased the franchise after it ceased operations and moved it to New York City, renaming the club the New York Highlanders. The Highlanders were officially renamed the New York Yankees in . The team is perennially among the leaders in MLB attendance. The Yankees are arguably the most successful professional sports team in the United States; they have won 19 American League East Division titles, 40 American League pennants, and 27 World Series championships, all of which are MLB records. The team has won more titles than any other franchise in the four major North American sports leagues. Forty-four Yankees players and 11 Yankees managers have been inducted into the National Baseball Hall of Fame, including Babe Ruth, Lou Gehrig, Joe DiMaggio, Mickey Mantle, Yogi Berra, and Whitey Ford. In pursuit of winning championships, the franchise has used a large payroll to attract talent, particularly during the Steinbrenner era. According to Forbes, the Yankees are the second-highest valued sports franchise in the United States and the second in the world, with an estimated value of approximately $4.6 billion. The team has garnered enormous popularity and a dedicated fanbase, as well as widespread enmity from fans of other MLB teams. The team's rivalry with the Boston Red Sox is one of the most well-known rivalries in North American sports. From 1903 to 2019, the Yankees' overall win-loss record is 10,378–7,840 (a winning percentage).