Jul 13, 2010 10:41 AM EST

George M. Steinbrenner III, the long-time, iconic owner of the New York Yankees, passed away on Tuesday morning at the age of 80.

His family issued the following statement through the team:

"It is with profound sadness that the family of George M. Steinbrenner III announces his passing. He passed away this morning in Tampa, Fla., at age 80.

"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."

Steinbrenner celebrated his 80th birthday on July 4th.

The New York Daily News is reporting that Steinbrenner had a massive heart attack.

Via RealGM Staff Report