Molloy attended St. Lawrence Catholic School and Tampa Catholic High School. He attended a seminary for six months after high school. After deciding against clergyhood, Molloy obtained his college degree and became a science and physical education teacher at St. Lawrence. He also coached the school's basketball team.
Molloy married Jessica Steinbrenner, daughter of George Steinbrenner, the owner of the New York Yankees of Major League Baseball (MLB). Their first date occurred during the 1986 Hall of Fame Bowl and they married on November 7, 1987, at St. Patrick's Cathedral in New York. Molloy joined the Yankees in the summer of 1988. He was promoted to Vice President in 1989.
Steinbrenner was banned from the Yankees in 1990 for his association with a known gambler, who he hired to find dirt on Dave Winfield. Hank Steinbrenner, George's oldest son, declined the opportunity to run the Yankees. Robert Nederlander, a limited partner in the Yankees, served as managing general partner for 16 months before resigning. Daniel McCarthy, also a limited partner, was rejected by the commissioner. The Yankees then appointed Molloy in February 1992. He was unanimously approved.
Under Molloy's leadership, the Yankees invested money into player development and scouting. He green-lit the selection of Derek Jeter in the 1992 MLB Draft. Steinbrenner was reinstated on March 1, 1993, and Molloy remained a general partner. Molloy planned the development of Legends Field as a new spring training complex for the Yankees. He was also involved in hiring Bob Watson as the team's new general manager.
In 1997, Molloy requested a one-year leave of absence from the Yankees due to the stress of the job and George's managing style. Molloy and Jessica separated in January 1998. He officially resigned from the Yankees in February, and filed for divorce in March. After leaving the Yankees, he returned to teaching.
- Darcy, Kieran (2008-06-06). "Darcy: The man who would be king - ESPN Page 2". Sports.espn.go.com. Retrieved 2012-09-05.
- Barnes, Craig (1992-02-25). "Yankees Make Molloy Chief Administrator". South Florida Sun-Sentinel. Retrieved 2012-09-05.
- "Son-in-Law Rises Yankees will nominate Molloy as boss". Pqasb.pqarchiver.com. Retrieved 2012-09-05.
- Hudson Valley News - Google News Archive Search
- Altus Times - Google News Archive Search