Yankees co-owner Hank Steinbrenner dies at 63

New York Yankees co-owner Hank Steinbrenner died Tuesday at the age of 63, his family announced in a team-issued statement.

The club noted the cause of death was a "longstanding health issue."

"Hank was a genuine and gentle spirit who treasured the deep relationships he formed with those closest to him," the Steinbrenner family said. "He was introduced to the Yankees organization at a very young age, and his love for sports and competition continued to burn brightly throughout his life.

"More than anything, he set an example for all of us in how comfortably he lived enjoying his personal passions and pursuits."

Hank was the eldest son of longtime Yankees owner George Steinbrenner. Hank and his brother, Hal, took over the team from their father shortly before George's death in 2010. Hank eventually stepped back from his public role, allowing Hal to become the team's primary decision-maker.

Though rarely seen in recent years, Hank remained a co-chairperson of the Yankees alongside his brother and was also one of their general partners.

George Steinbrenner bought the Yankees from CBS in 1973. His four children - sons Hank and Hal, and daughters Jennifer and Jessica - have all held high-ranking positions with the team since his death.