CLEVELAND -- Former Cleveland Indians owner Dick Jacobs, 83, has died after a long illness

Jacobs' real estate company said he died peacefully early Friday. He had been in ill health.

Jacobs and his brother, David, bought the Indians from the Steve O'Neill estate in late 1986 for $40 million. David Jacobs died in 1992.

Dick Jacobs focused his attention on restoring the struggling American League franchise to financial soundness and competitiveness on the playing field. The team's new ballpark in downtown Cleveland became Jacobs Field when it opened in 1994, and the Indians made it to the World Series in 1995 and 1997. Jacobs owned the club until 2001.

The park was renamed Progressive Field last year.

"With the passing of Dick Jacobs, the city has lost not only an exceptional businessman, but also a friend committed to revitalizing Cleveland. My thoughts and prayers are with his loved ones at this difficult time," said Mayor Frank G. Jackson.

Jacobs is responsible for turning the Indians into a dynasty during the 1990s. The team won two American League Pennants and six Central Division championships.

Under Jacobs' ownership, the Indians made two World Series appearances, in 1995 and 1997, and set a record 455 consecutive sellouts at Jacob's Field.

Jacobs sold the team to Larry Dolan and family for $320 million in 2001.

Funeral services for Jacobs will be held at 10:30 a.m. Wednesday at Rocky River United Methodist Church on Detroit Road. A private interment will be at Lakewood Park Cemetery in Rocky River.

Calling hours will be from 1 to 3 p.m. and 6- 8 p.m. Tuesday at Busch Funeral Home on Center Ridge Road in Fairview Park.