NEW YORK—George Steinbrenner is boss of the New York Yankees no more.

The omnipresent owner’s colorful 35-year reign of pronouncements, threats and firings ended Thursday when he passed control of baseball’s most famous franchise to his youngest son, Hal.

The elder Steinbrenner has gradually withdrawn from the Yankees’ day-to-day operations in recent years as his health faded, and brothers Hal and Hank were appointed co-chairmen in April.

“I realize it’s a great responsibility,” said Hal Steinbrenner, who turns 40 on Dec. 3. “My dad is, needless to say, a to...

Log-In to view full story or view our Registration Guide.