July 13 (Bloomberg) -- George Steinbrenner, principal owner of the New York Yankees, died at the age of 80, his family confirmed in an e-mailed statement.
Television station WABC in New York said he was rushed to a hospital after suffering a “massive” heart attack.
Steinbrenner owned the team while it won seven of the team’s record 27 World Series titles. He bought the franchise with a group of investors for $10 million from CBS Corp. in 1973. Though his initial investment was $168,000, Steinbrenner bought out his partners over the years to become principal owner. In April, Forbes magazine valued the team at $1.6 billion, most in baseball.
His son, Hal Steinbrenner, was approved by Major League Baseball owners to become controlling owner in November 2008.
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