Net Worth Ranker
What Is George Michael Steinbrenner III Net Worth?
At the time of his death in 2010, George Michael Steinbrenner III, an influential figure in American sports, possessed a net worth of $1.4 billion. His wealth was primarily accumulated through his ownership of the New York Yankees, a tenure that spanned 37 years until his passing at the age of 80. Steinbrenner, known as “The Boss” for his hands-on management approach, oversaw the Yankees for the longest period in the team’s history.
Early Ventures and the Acquisition of the Yankees
Steinbrenner’s initial foray into sports ownership involved the Cleveland Pipers, a basketball team within the now-defunct American Basketball League. Prior to acquiring the Yankees, he unsuccessfully attempted to purchase his childhood favorite, the Cleveland Indians. In 1973, Steinbrenner, in collaboration with several partners, successfully acquired the New York Yankees from CBS Broadcasting for $10 million. CBS had previously purchased the team for $13 million a decade earlier and sought to divest themselves from sports team ownership. Steinbrenner’s personal contribution to the $10 million purchase was $170,000. Over time, he increased his stake to approximately 60% ownership of the team. By the time of his death, the team’s estimated value was at least $2 billion. Today, The Yankees are estimated to be worth between $5-6 billion.
The Yankees Under Steinbrenner’s Leadership
Under Steinbrenner’s ownership, the New York Yankees achieved significant success, winning 11 pennants and 7 World Series championships. A key innovation during his tenure was pioneering the sale of broadcast rights to cable television, establishing a new revenue stream now widely utilized by sports teams. His contributions dramatically reshaped the financial landscape of professional sports.
Early Life and Education
George Michael Steinbrenner III was born on July 4, 1930, in Bay Village, Ohio. His mother, Rita, was an Irish immigrant, while his father, Henry, was a former world-class hurdler who later became a successful shipping magnate. Steinbrenner had two younger sisters, Susan and Judy. In 1944, he began attending Culver Military Academy in Indiana. Steinbrenner pursued higher education, earning his BA from Williams College in Massachusetts in 1952. During his time at Williams, he participated in varsity track and field, played the piano, and served as the sports editor of The Williams Record. Following his graduation, Steinbrenner joined the US Air Force and was stationed at Lockbourne Air Force Base in Columbus, Ohio. He received an honorable discharge in 1954, after which he attended Ohio State University to earn his MA in physical education.
Early Career and Business Ventures
While at Ohio State, Steinbrenner served as a graduate assistant to Buckeyes football coach Woody Hayes. He subsequently became an assistant football coach at Northwestern University and Purdue University. In 1957, he joined Kinsman Marine Transit Company, the shipping company originally purchased by his great-grandfather in the early 20th century. Steinbrenner later acquired the company from his family. In 1960, he ventured into sports franchise ownership with the National Industrial Basketball League’s Cleveland Pipers. After experiencing financial losses with the Pipers, he turned to theater, co-producing a short-lived Broadway play titled “The Ninety Day Mistress.”
Controversies and MLB Suspension
Steinbrenner’s tenure with the New York Yankees was marked by several controversies. He was known for frequent management changes, with 20 manager changes in his first 23 seasons. He also pursued high-priced free agents and engaged in feuds with players. Furthermore, he implemented strict grooming policies, including prohibiting facial hair other than mustaches. In 1974, Steinbrenner pleaded guilty to making illegal contributions to Richard Nixon’s reelection campaign and to a felony charge of obstruction of justice. He was fined $15,000, and his company, American Shipbuilding, was fined $20,000. Although initially suspended from MLB for two years, the suspension was reduced to 15 months. He was later pardoned by Ronald Reagan. In 1990, Steinbrenner was permanently banned from day-to-day management for bribing gambler Howard Spira to gather incriminating information about Yankees player Dave Winfield, who had sued the team for failing to contribute a stipulated amount to his foundation.
Return to the Yankees and Later Success
Steinbrenner was reinstated by the Yankees in 1993, and his later tenure was less controversial. In 1995, the Yankees returned to the playoffs for the first time in 14 years, and in 1996, they defeated the Atlanta Braves to win the World Series. This success continued with World Series championships in 1998, 1999, and 2000. After narrowly missing a fourth consecutive title in 2001, the team made the playoffs every season through 2007. In 2009, the Yankees defeated the Philadelphia Phillies to win their 27th championship title. These successes helped elevate the franchise’s value, substantially contributing to George Michael Steinbrenner III’s net worth.
Retirement and Succession
In 2005, Steinbrenner appointed his son-in-law, Steve Swindal, as his successor. Two years later, due to declining health, Steinbrenner officially retired and relinquished control of the Yankees to his sons, Hal and Hank. This marked the end of an era, with the team transitioning to a new generation of leadership.
Philanthropy
Steinbrenner was actively involved in philanthropic endeavors throughout his life. He co-founded the Silver Shield Foundation, which helps fund the education of children of fallen police officers. He also frequently donated to families of officers in the Tampa Police Department and the New York City Police Department. His other charitable activities included involvement with the Boys and Girls Club, the Salvation Army, and St. Joseph’s Children’s Hospital.
Personal Life and Death
Steinbrenner married Elizabeth Joan Zieg in 1956, and they had two sons, Hank and Hal, and two daughters, Jessica and Jennifer. Beginning in 2006, Steinbrenner spent most of his time in Tampa, Florida. In July 2010, he passed away from a heart attack, just days after his 80th birthday. He is buried at Trinity Memorial Gardens in Florida.
