Yankee Global Enterprises, the company controlling the New York Yankees, has closed a $2.6 billion investment agreement with Apollo Sports Capital, a sports-focused fund managed by Apollo Global Management. The Steinbrenner family will retain control of the franchise, and Hal Steinbrenner will continue as managing partner, officials said.
The transaction combines debt and equity financing, allowing the franchise to refinance or retire a significant portion of its existing debt before pursuing new investments. YGE owns additional assets beyond the baseball franchise, including the YES Network and Legends Hospitality, as well as stakes in AC Milan and New York City FC.
"We continually seek ways to strengthen our position, and this partnership allows us to explore strategic opportunities," Hal Steinbrenner, president of Yankee Global Enterprises, said in a statement. Al Tylis, CEO of Apollo Sports Capital and an incoming member of YGE's board, called the deal a means to support growth of the organization.
Apollo said the investment reflects the strategic value of the franchise and its commitment to a long-term relationship. Robert Givone, an Apollo partner, described the deal as "a customized capital solution" and said the firm expects to be "a long-term partner of this historic franchise." The transaction represents Apollo Sports Capital's largest investment in American sports to date.
Apollo Global Management launched a dedicated sports investment vehicle last year with $5 billion in capital and recently acquired a majority stake in Atlético Madrid of Spain's La Liga.
