"It is with deep sadness that the family of George M. Steinbrenner III announces his death," reads the statement, which came as a result of media reports that Steinbrenner suffered apparent heart attack.
Nickname "The Boss", Steinbrenner was one of the most powerful and richest in sports United States. He owned a well-known in New York since 1973, the team, enjoying the seven World Series championships, including last year.
"He was a visionary and a giant in the world of sports. It is big, but is struggling franchise and turned it into a champion again," said Steinbrenner family.
Although Steinbrenner has become synonymous with the Yankees, he had other interests of the sport. Former coach of a football field, he served as vice president of U.S. Olympic Committee from 1989-96 and entered six horses in the Kentucky Derby - none of them winners.
Hands-on owner, who for many years face the Yankees, he was known for his frank style, deep pockets and a ruthless drive to make the team the best and richest in the world.
Last year, the Yankees have moved away from its historic stadium in the Bronx, a new building nearby, quickly dubbed "The House that George Built."
Steinbrenner appeared only 4 games at the new stadium - the opening game in April 2009, the first two games last season's World Series and the knife at home this season.
When he attended this year, the Yankees captain Derek Jeter and manager Joe Girardi visited his suite, to deliver the seventh session of the World Series ring Steinbrenner.
Steinbrenner, who celebrated his birthday on July 4, had health problems for several years and passed daily control of his sons Hal and Hank in 2007.
Steinbrenner fainted at a memorial service for NFL star Otto Graham in 2003 and seemed a fragile 2006 groundbreaking for the new stadium.
Despite this, he bristled at questions about his health.
"No, I have not had a stroke. I'm not sick. I work every day," Steinbrenner said in 2006. "I would like to see people who say they come here and do exercises that I do."
His death was another blow for the club after Bob Sheppard, who over 50 years as a public announcer at Yankee Stadium was nicknamed "The Voice of the Yankees, died Sunday at the age of 99.
Steinbrenner said the family would not private funerals, with the additional public service "with details to be announced.
"Few people have a greater impact on New York for the past four decades than George Steinbrenner, New York City Mayor Michael Bloomberg said in a statement.
George deep love for New York, and its steel determination to succeed coupled with his deep respect and appreciation for the talent and hard work have made him the quintessential New Yorker.
Steinbrenner led a group that bought the club on January 3, 1973, and he was nothing but the absentee owner.
He feuded with the Yankees legend Yogi Berra and had a roller coaster relationship with manager Billy Martin - who Steinbrenner has hired five times.
In 1985, he condemned the future Hall of Famer Dave Winfield as "Mr. May" - dig in Winfield for the poor performances in the autumn matches.
While Steinbrenner used his reputation as the "Boss", he could also poke fun at him.
He has a comedy show "Saturday Night Live", and spoke with Martin in a television advertisement.
His millions of dollars in charitable contributions often came with the condition that his name is kept secret.
"He was an incredible man and charity. First of all he was devoted to his entire family - his beloved wife, Joan, his sister, Susan Norpell and Judy Kamm, his children, Hank, Jennifer, Jessica and Hal, and all his grandchildren," said Family .
Nevertheless, Steinbrenner in costly ways - he made the Yankees the first team with a payroll of 200 million dollars - made him a lightning rod for criticism, with some complaining that he paid huge salaries to players like Jeter, as well as current and former sluggers Alex Rodriguez and Reggie Jackson put the salaries of baseball in order.
For Steinbrenner, however, was victory, worth the price.
"Winning is the most important thing in my life, after breathing," he liked to say. "Breathing first, winning the next."
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