Steinbrenner, the son of a Cleveland shipping merchant who bought the Major League Baseball franchise for $10 million in 1973, was taken to hospital in Florida after falling ill overnight.
Steinbrenner turned the franchise into a formidable business after becoming the first owner to sell television rights to a cable company.
"He was an incredible and charitable man," said a family statement. "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."
The Yankees won 11 pennants and seven world series during his 37-year reign.
