Emergency services were called to Steinbrenner's Tampa, Florida home on Monday night (12Jul10) and he was admitted to St. Joseph's hospital, where he was reported to be in an "extremely critical condition".
He passed away at around 6.30am (EST) on Tuesday morning (13Jul10), according to the Associated Press.
His death comes just days after he celebrated his 80th birthday on 4 July (10) and two days after longtime Yankees Stadium public announcer Bob Sheppard died at the age of 99.
In a statement, the Steinbrenner family says, "He was an incredible and charitable man. He was a visionary and a giant in the world of sports. He took a great but struggling franchise and turned it into a champion again."
Steinbrenner took over the Yankees in 1973 and the baseball team has won 11 pennants and seven World Series under his ownership, the longest in club history.
Outside the world of sport, Steinbrenner was known for being lampooned, with his permission, on hit TV comedy Seinfeld, when character George Costanza - played by Jason Alexander - worked for the Yankees.
Lee Bear portrayed Steinbrenner, although the character's face was never seen and he was always shot from behind at his office desk at Yankee Stadium. Larry David provided Steinbrenner's voice and the caricature depicted the mogul as a talkative man known for his bad decisions, who sometimes referred to himself as "Big Stein".
Steinbrenner's other TV appearances include a hosting gig on U.S. sketch show Saturday Night Live in 1990, and a movie cameo in Brendan Fraser's 1994 baseball film The Scout. He was referenced in a 1992 episode of The Simpsons, titled Homer at the Bat.
His personal fortune was estimated at a staggering $1.6 billion and he used his cash to invest in six Broadway plays in the 1960s and '70s, including the Tony Award-nominated musical Seesaw in 1974.
Steinbrenner is survived by his wife Elizabeth Zieg and their four children - Hank, Hal, Jessica and Jennifer.
The movie tagline sort of sums it up: "Four guys from the suburbs hit the road...and the road hits back." The four middle-aged friends who like to jump on their motorcylces and go riding around once a week are: Doug (Tim Allen) a dentist embarrassed by his job; Bobby (Martin Lawrence) a henpecked husband who wants to break away from being a plumber; Dudley (William H. Macy) a mild-mannered computer programmer and resident geek; and finally Woody (John Travolta) an entrepreneur with seemingly the most going for him. In actuality Woody is about to hit rock bottom but rather than be honest with his friends he convinces them all to hit the open road with him--to feel the wind in their hair so to speak. And as they go looking for adventure they soon find that they’ve embarked on a journey they will never forget. Uh-huh. Who would have thought these four actors would make a movie together? Casting Wild Hogs looked like the best part about making the movie as the producers probably sat around coming up with different variations (wonder who else they considered--Tom Hanks? Steve Carell?) Comedy veterans Allen and Lawrence have fun riffing on one another doing their shtick here and there while Travolta (the only real biker of the bunch) and Macy easily keep up with the antics. For the most part these guys click but I’m sure everyone did this purely for the money—and the Harleys. Ray Liotta gets to play the menacing villain once again as the leader of a motorcycle gang who has it out for our hapless quartet. Of course this time Liotta plays it for laughs and does a nice job with it. Even Marisa Tomei makes an appearance as a small town denizen who falls for Macy’s Dudley as the boys end up defending the town from Liotta and his thugs Magnificent Seven-style. You can see every plot point coming a mile away plus a few director Walt Becker probably didn’t even know were in there. But honestly from the guy who directed Van Wilder what did you expect? Becker is handy with a camera and totally knows where the film’s bread is buttered focusing all his energy and attention on his four stars. Unfortunately in doing so Wild Hogs mostly misses out on the poignancy of say a City Slickers even though it tries real hard to get us to connect with these middle-aged men trying to recapture youth--or whatever. But listen this isn’t supposed to change the world; Wild Hogs is just pure dumb fun about a group of guys wearing leather and riding hogs. Period.