Yankees Parent Company Lands $2.6 Billion Financing Deal With Apollo Sports Capital

Yankee Global Enterprises, the holding company of the New York Yankees, announced a $2.6 billion financing agreement with affiliates of Apollo Sports Capital on Tuesday, Aug. 11.

The deal is a mix of credit and equity, with proceeds supporting the continued growth of the franchise as well as refinancing of existing debt, and is expected to close imminently.

The Steinbrenner family will maintain full control of the Yankees, with Hal Steinbrenner remaining as managing general partner and the team’s MLB control person. Apollo Sports Capital CEO Al Tylis will join YGE’s board, which will expand by one seat.

Major League Baseball rules do not allow private equity firms to become majority owners, according to Bloomberg.

“We welcome Apollo to the Yankees family,” Steinbrenner, YGE’s chairman, said in a statement. Apollo Partner Robert Givone said the deal is precisely “the kind of bespoke capital solution Apollo Sports Capital was built to deliver.”

Bloomberg first reported in July that Apollo — which became the majority shareholder of Spanish soccer club Atlético Madrid — had been looking to specialize in lending long-term capital to sports leagues and clubs. The Yankees deal marks the firm’s biggest investment in U.S. sports to date, according to the outlet.

YGE’s portfolio also includes stakes in Legends Hospitality, the YES Network, New York City Football Club and AC Milan. Sportico values the Yankees, MLB’s most valuable club, at $9.4 billion.