Yankees Owner George Steinbrenner Dead at 80

The New York Yankees, baseball's most storied franchise and the reigning World Series champions, are mourning the loss of owner George Steinbrenner, who died of a massive heart attack this morning in Tampa, Fla., at the age of 80.

Steinbrenner, who made his money in the shipping business, took the reins of the Yanks in 1973, buying the team from CBS in an $8.7 million deal. He became known as "The Boss" during his 37-year tenure -- the longest of any Major League Baseball owner -- because of his bombastic personality and win-at-all-costs approach. Steinbrenner hired and fired 12 managers and was suspended from the game twice, once in 1980 and from 1990 to 1993.

The mercurial owner spent millions to win championships, and it worked -- the Bronx Bombers won 11 pennants and seven World Series titles during his reign. The Yankees are now considered the most valuable MLB team, worth an estimated $1.6 billion.

In 1994, a satirical Steinbrenner likeness became a recurring character on the hit TV show Seinfeld, co-starring as George Costanza's boss. In 2006, he handed over control of the team to his sons, Hank and Hal.

The MLB annual All-Star Game will be played tonight in Anaheim, Calif. A tribute to George Steinbrenner is expected.