In anticipation of a potential Major League Baseball expansion team, the original Tampa Tarpons of the FSL relocated in 1988 and Al Lopez Field was demolished soon thereafter.

However, the expected franchise was eventually awarded to nearby St. Petersburg, leaving Tampa without a professional baseball team or venue.

In 1994, the New York Yankees established a new Class A-Advanced FSL team and placed them in Tampa, replacing their previous Class-A Advanced affiliate, the Prince William Cannons.

[7] Notable major league players to once play for the Tampa Yankees / Tarpons include Aaron Judge, Derek Jeter, Rubén Rivera, Mariano Rivera, David Robertson, Joba Chamberlain, Ian Kennedy, Phil Hughes, Ramiro Mendoza, Tim Raines, Eric Milton, and Luis Sojo.

The Tampa Yankees played their first two seasons (1994 and 1995) at Red McEwen Field on the campus of the University of South Florida while their permanent home was under construction.

Steinbrenner Field has a baseball capacity of about 11,000 and is located across Dale Mabry Highway from the Tampa Bay Buccaneers' home of Raymond James Stadium.