MLB to honor Lou Gehrig on 75th anniversary of famed 'luckiest man' speech at Yankee Stadium

This image release by Major League Baseball on Thursday, June 19, 2014, shows a patch that baseball clubs will wear as a special tribute to Hall of Famer Lou Gehrig on the 75th Anniversary of his iconic "Luckiest Man" speech. The league will conduct special on-field ceremonies to commemorate the anniversary of the speech and honor the legacy of Gehrig on July 4, 2014, who passed away on June 2, 1941 at the age of 37. (AP Photo/MLB) (The Associated Press)

FILE - In this July 4, 1939, file photo, New York Yankees' Lou Gehrig wipes away a tear while speaking during a tribute at Yankee Stadium in New York. The league will conduct special on-field ceremonies to commemorate the 75th anniversary of Gehrig's "Luckiest Man" speech and honor his legacy on July 4, 2014. Gehrig passed away on June 2, 1941 at the age of 37. (AP Photo/Murray Becker, File) (The Associated Press)

NEW YORK – Major League Baseball is preparing to honor Lou Gehrig on the 75th anniversary of his famed "luckiest man" speech.

MLB will donate $300,000 to organizations that fight against Lou Gehrig's disease.

The Hall of Famer was suffering from amyotrophic lateral sclerosis when he spoke at Yankee Stadium on July 4, 1939. The first baseman died two years later from ALS at age 37.

MLB players, managers, coaches and umpires will wear a commemorative patch on July Fourth. The tribute will include a video shown at all ballparks featuring a first baseman from each team reciting a line from Gehrig's speech.

MLB made the announcement on Thursday, the 111th anniversary of Gehrig's birth.

"When Lou Gehrig delivered his historic farewell speech at Yankee Stadium 75 years ago, he indelibly linked our national pastime to the fight against the disease that would bear his name," Commissioner Bud Selig said in a statement.