Steinbrenner passes control of Yankees to son
NEW YORK (Reuters) - New York Yankees owner George Steinbrenner on Thursday officially handed control of the major league team to his son, Hal, ending an often tempestuous 35-year reign over baseball's most famous franchise.
"At the MLB meetings today, the clubs approved Hal Steinbrenner as the control person for the New York Yankees," the team said in a statement on their website (newyork.yankees.mlb.com).
"This is consistent with George Steinbrenner's desire and commitment to have his sons assume the day to day responsibility of operating the club."
Hank Steinbrenner, Hal's older brother, will continue to oversee baseball operations, the statement said.
George Steinbrenner, 78, who headed a group that bought the club in January 1973, has been in declining health in recent years and after decades as one of U.S. sport's highest-profile owners, had left the running of the club to his sons.
"George Steinbrenner will remain as chairman of the New York Yankees, Hal and Hank Steinbrenner will continue as co-chairmen," added the Yankees statement.
CONTROL PERSON
"Hal was designated as the control person because he is responsible for the overall business and financial operations of the Yankees. Hank will continue to oversee the club's baseball operations."
The changeover was approved at the quarterly owners meetings at MLB's New York headquarters.
Each major league club has a designated control person who is accountable to Major League Baseball for the operation of the club and its compliance with the rules.
George Steinbrenner took over a Yankees team that had floundered in the standings for nearly a decade after being baseball's dominant franchise for 40 years.
Spending big on the newly established free agent market, Steinbrenner helped turn the team's fortunes around, with the Yankees ending a 12-year absence from the World Series by reaching the Fall Classic in 1976.
Steinbrenner, who demanded results from the large paychecks he signed, became known as 'The Boss' and showed a quick trigger finger when it came to managers.
The revolving door saw 17 managerial changes in his first 17 years as owner.
After winning the 1977 and 1978 World Series, the club had another lull before claiming four more titles from 1996-2000.
(Writing by Larry Fine, Editing by Ken Ferris)
