Corbett's daughter, Pamela Corbett Murrin, confirmed to the Associated Press that her father “died peacefully in his sleep Monday.” She said he had not recently been sick.
"The Texas Rangers are saddened to hear of the death of Brad Corbett," the team said in a statement. "His tenure as owner was marked by a passion and drive to bring a winning team to the fans of North Texas."
While an effective owner of the Texas baseball club, Corbett was notorious for his aggressive tactics in switching out managers. During his tenure as owner of the Rangers, the team had six managers in six years -- four in the 1977 season alone. An article on the Rangers' website also said the team had its first four winning seasons under Corbett and finished second in the American League West three times. The 94 victories in 1977 remained the most in team history until 1999, it said.
"The spirit in which Mr. Corbett served as owner of the Rangers will be remembered always," the team said in a statement obtained by ESPN.
Among his responsibilities as owner of the Texas Rangers, Corbett was directly involved in decision-making, including player transactions, according to the sports news outlet.
Corbett purchased the Rangers from previous owner Bob Short just three seasons after the Rangers had moved from Washington, D.C. He later sold the team to Fort Worth, Texas oil man Eddie Chiles in 1980, when both the Rangers and Corbett's other ventures were struggling financially.