New York is 9-14, after losing eight of their last nine games, and were in last place in the American League East, 6 1/2 games behind the division-leading Boston Red Sox.
The slow start had the New York rumor mill saying Yankees Manager Joe Torre's job was in jeopardy.
"The season is still very young, but up to now the results are clearly not acceptable to me or to Yankee fans," a statement issued by Steinbrenner began. "However, Brian Cashman, our general manager, Joe Torre, our manager, and our players all believe that they will turn this around quickly. I believe in them. I am here to support them in any way to help them accomplish this turnaround."
Steinbrenner said: "It is time to put excuses and talk away. It is time to see if people are ready to step up and accept their responsibilities."