One of the reasons the Yankees can afford the hugh payroll is its long tradition of WINNING the American League Pennant and World Series (26 at last count), which builds fan loyalty and brand recognition, which translates to hugh marketing advantages in MLB's biggest market and elsewhere, which generates even more revenunes, which the team then uses to buy even better players to beat the Red Suz and win even more Pennants and World Series titles. And just like a Boston leftist wacko socialist pig, the Red Sux and its fans won't be satisfied until MLB mandates revenue sharing and redistribution of team wealth in effort to produce parity -- and mediocracy -- just like the Peoples Republic of the NFL.
Sux fans and others hate the Yankees for the same reason that many foreigners hate America. They hate winners.
I have no problem with that in principle from a business standpoint, but it makes it very difficult to maintain a professional league under these conditions. One characteristic of sports that doesn't apply to any other industry is that each team has a compelling interest in not running their competition out of business.