On January 5, 1920, in perhaps the most famous transaction in baseball history, the New York Yankees formally announce the purchase of outfielder-pitcher Babe Ruth from the Boston Red Sox for $100,000. The trade had actually been made on December 26, 1919, but the announcement was delayed until Ruth could come to contract terms with the Yankees. Red Sox owner and theatrical entrepreneur Harry Frazee decides to sell Ruth because he needs money to support one of his theatrical productions, while paying off debts on Fenway Park. The Yankees will make Ruth a full-time outfielder in 1920