George Steinbrenner has been the principal owner of the Yankees since 1973 but is thought to be in poor health. His sons Hank and Hal were named co-chairmen last April to handle the day-to-day operations of the team.

Hal Steinbrenner, who handled the team's financial operations for the last year, will be the liaison between the Yankees and the commissioner's office. Hank Steinbrenner will continue to oversee the team's baseball operations. He has been the more vocal of the two brothers.

George Steinbrenner, 78, has seen the Yankees win seven World Series titles in his time as principal owner. He is perhaps better known for his very hands-on approach to running the team and the hiring and firing of managers. His last public appearance was during last summer's All-Star Game at Yankee Stadium but he wasn't on hand this fall when the team had its final game at that stadium.