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By the time George Steinbrenner decided in 1976 that what the Yankees really needed was a no-beard policy, the franchise had already won the World Series 20 times. After King George’s ban was put in place, the Yanks won two more Series titles in short order. Then they went on a near 20-year hiatus, a hot crawl through the baseball desert pockmarked by awful signings, George spying on his own players, Billy Martin getting fired a couple of times, and assorted whatnot. Then, beginning in 1996, they won four Series in five years.
So no, the fact that the facial-hair prohibition is now being lifted — after almost half a century — doesn’t really indicate much either way. The Yankees are usually pretty good because they spend a ton.
What is interesting about this change of policy, initiated by one of Steinbrenner’s sons, is the fear that drove it. Put simply, the Yankees thought they might lose out on free agents because somebody might be turned off by the whole no-beard thing.