Major League Baseball has had a revenue sharing program since 1996. It requires every team to pay 31 percent of its local revenue, and then the league divides up said money equally to each of the 30 teams. It's one of the ways that MLB has found great parity in recent years without resorting to a salary cap.
Yankees president Randy Levine, however, seems a bit annoyed. Via Fox Sports:
“What is very burdensome to us -- and is unfair -- is the amount of money we have to pay in revenue sharing compared, for example, to teams in our market that pay 10 times less than us,” Levine said.