For More Information, Contact: Michelle Wong: Public Relations Specialist mwong05@syr.

edu (917) 402-8926 FOR IMMEDIATE RELEASE

Date: May 10, 2010

NEW YORK George M. Steinbrenner III, also known as the Boss by Yankees fans, will officially retire as the principle chairperson of the New York Yankees on May 31, 2010 at Yankee Stadium, after the Bronx Bombers play the Cleveland Indians. I think its time that my sons fully take the reins and that my health becomes my #1 priority, Steinbrenner said. But I will remain the principle owner of the New York Yankees. His sons, Henry G. Hank Steinbrenner, and Harold Z. Hal Steinbrenner, will take the reigns as co-chairpersons of the Yankees. Although they have been managing the teams day-to-day activities since 2007 due to their fathers ailing health, they will be the official and only co-chairpersons of the team once the Boss retires. The brothers will take over not only the team and the stadium, but also the YES network. Hank Steinbrenner will focus more on the baseball side of the business, making his official title the managing general partner and co-chairman of the team. Hal Steinbrenner will focus more on the stadium operations, making his official title a general partner and co-chairman of the team. But all major decisions will be decided upon and shared by both brothers. Since 2007, the Steinbrenner brothers were responsible for renegotiating third baseman Alex Rodriguezs Yankee contract in 2007, as well as building the new Yankee Stadium. Theres always been a succession and thats me and my brother, Hank Steinbrenner said. But Im excited to fully take over the team with Hal. Working with Brian Cashman, the general manager, and Randy Levine, the team president, has been a blast so far, and I cant wait to see what the future brings. MORE

Yankees.News.Release George Steinbrenner bought the New York Yankees from CBS for $10 million in 1973. He is

infamous for changing managers 20 times in his first 23 seasons with the team, as well as implementing a grooming policy for the entire team roster. He was also one of the first owners to utilize the free agent market, signing Yankees Catfish Hunter and Reggie Jackson to multimillion dollar contracts in 1975 and 1977, respectively. Steinbrenner believed in a hands-on approach when it came to running the team, which brought the Yankees 10 division pennant titles and six World Series titles. His approach earned him the nickname the Boss by the media. He also built the franchise into an empire worth $1.2 billion, and contributed to making the Yankees the most expensive team in the MLB. Steinbrenner is currently worth $1.15 billion, according to the September 2009 Forbes 400 List. His last appearance in the Bronx on the field was at the ring ceremony in April 2010, when he received the first ring of the night.

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