Report: Steinbrenner giving up control of Yankees
October 14, 2007
NEW YORK (Ticker) - The George Steinbrenner era is apparently all but over.
According to a report in the New York Post, the "Boss" has handed over control of the New York Yankees to his sons Hank and Hal Steinbrenner as he faces up to declining health.
George Steinbrenner, 77, was seldom seen at Yankee Stadium this season, attending only three games as his health kept him away.
The Post reported that the final details of the new arrangement are yet to be determined - something that will happen in meetings scheduled for Tampa, Florida next week - but Hank and Hal Steinbrenner are to take over the day-to-day running of the team.
"George has taken on a role like the chairman of a major corporation," team president Randy Levine told the Post. "He's been saying for years he's wanted to get his sons involved in the family business. Both of them have stepped up and are taking on the day-to-day duties of what's required to run the Yankees."
"There's always been a succession - and that's myself and my brother," Hank Steinbrenner added.
George Steinbrenner bought the Yankees in 1973 for $8.7 million. His hands-on approach to running the team, while often controversial, was undoubtedly successful, and he has brought 10 division pennants and six World Series titles to the Bronx while building the franchise into an empire valued at $1.2 billion.
The brothers will take on control not only of the Yankees but also the YES Network and the construction of the new Yankee Stadium.
"I'll pay more attention to the baseball part," Hank Steinbrenner said. "The stadium, that's more Hal. But basically everything will be decided jointly."
Hal Steinbrenner was named chairman of the board of Yankee Global Enterprises last month, and a new title is expected for Hank Steinbrenner soon.
However, the top item on the agenda for the new-look Yankees leadership is the future of manager Joe Torre. That will be discussed this week.
"We'll be bringing everyone together ... to discuss those things. For the first couple of meetings, it will just be me, Hal, my dad and the usual cast," Hank Steinbrenner said.
George hasn't completely relinquished control - at least, not yet.
"What's nice is the Boss is there," Levine said. "He's an office door away."