In 1903, the New York Highlanders were formed when the failed Baltimore Orioles franchise of the American League was purchased and moved to New York. The team played in the all-wood Hilltop Park, at 168th and Broadway. In 1913 the team moved to the Polo Grounds (where the National League Giants already were playing) and was renamed the New York Yankees. On January 3, 1920, the Yankees bought the contract for Babe Ruth from the Red Sox (for $125,000 and a $350,000 loan against the mortgage on Fenway Park), and the following year they clinched the first of their 37 American League Pennants. In 1920, the Yankees were outdrawing the Giants at the Polo Grounds, and were asked to play elsewhere. This resulted in the construction of Yankee Stadium opened on April 18, 1923.
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