George Steinbrenner Dead

By FITSNews || George Steinbrenner, the controversial and combative owner of the New York Yankees, died of a “massive heart attack” at a hospital in Tampa, Florida on Tuesday morning – hours before Major League Baseball’s All-Star game.

“The Boss” had been in declining health for many years, appearing just four times at the new $2.3 billion ballpark he had constructed for his team (using $1.2 billion in taxpayer-funded subsidies). Since 2006, his sons Hank and Hal have been running the team.

During his thirty-seven year tenure, the Yankees won seven World Series championships and eleven pennants.  The team was valued at $1.6 billion at his death – not a bad return on a $8.8 million investment.

Still, the Yankees winning ways weren’t hard to come by given the huge cash advantage they enjoyed over their opponents.  For example, the team spent $423.5 million in off-season free agent acquisitions to purchase its 2009 championship.  This year, the Yankees payroll is $208.3 million – or $44 million more than its closest competitor and more than twice the payroll of 23 of baseball’s 30 franchises.

The flip side of that disparity?  The average ticket to a Yankee game costs nearly $80.

But hey … people are obviously paying it.

Steinbrenner came into the league promising not to interfere in the day-to-day operations of the ball club.  That didn’t last long.  During his first two dozen years he had changed managers twenty times.  Most famously, Steinbrenner fired manager Billy Martin five times.

In 1990, Steinbrenner was banned “for life” by baseball after he hired a professional gambler to dig up dirt on Dave Winfield, a former player.  He was reinstated three years later.