The Year the Yankees Lost the Pennant was created in 1954.
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The Yankees won their first American League Pennant in 1921.
1921, the second year of Babe Ruth playing with them. In the World Series, they lost to the New York Giants, 5 games to 3. The 1921 World Series was the last Series played in a best of 9 format.
The New York Yankees won the American League Pennant in 1949. The Yankees with a record of 97-57 finished one game ahead of the Boston Red Sox. Boston finished first in almost every hitting category that year. The New York Yankees went on to beat the Brooklyn Dodgers in the 1949 World Series.
The Yankees won the pennant every year in the 1950s, except for 1954, when the Cleveland Indians won and 1959, when the Chicago White Sox won. By coincidence, the same man managed both of those teams. The manager was Al Lopez.
For the American League the pennant winners were the Chicago Whitesox. (This was the first year the AL was elevated to Major League level. For the National League the pennant winners were the Pittsburg Pirates. No World Series was held this year.