[Updated at 9:58 a.m.] New York Yankees owner George Steinbrenner has died, Steinbrenner's spokesman said.

“It is with profound sadness that the family of George M. Steinbrenner III announces his passing," a statement from his family said. "“He was an incredible and charitable man. First and foremost he was devoted to his entire family – his beloved wife, Joan; his sisters, Susan Norpell and Judy Kamm, his children, Hank, Jennifer, Jessica and Hal; and all of his grandchildren.

“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 team has seven World Series trophies – 1977, '78, '96, '98, '99, 2000 and '09 earned under Steinbrenner's ownership since 1973.

"Owning the Yankees," Steinbrenner once said, "is like owning the Mona Lisa."

[Posted at 9:29 a.m.] New York Yankees owner George Steinbrenner has suffered a massive heart attack, according to CNN affiliate reports.

Steinbrenner was rushed to St. Joseph's hospital in Tampa, Florida, and his condition is not known, the station reported.

Steinbrenner turned 80 on July 4.

The team has seven World Series trophies – 1977, '78, '96, '98, '99, 2000 and '09 earned under Steinbrenner's ownership since 1973.

Steinbrenner is the longest-tenured owner in Major League Baseball, having served as principal owner since purchasing the club on Jan.3, 1973, according to the Yankees website. Over that time, the Yankees have won 11 American League pennants.

Steinbrenner has been in failing health in recent years and his son Hal is the managing partner of the team.

Steinbrenner bought the Yankees for $10 million and under his ownership they have become the most valuable team in U.S. professional sports, with Forbes.com estimating its value at over one-billion dollars.

He also was suspended from baseball twice, once after being indicted for allegedly making illegal campaign contributions to Richard Nixon, and once after paying a gambler to dig up dirt on one of his own players, Dave Winfield.

This story is developing. We'll bring you the latest information as we get it.