An agreement between the Yankee Global Enterprises and Apollo Global Management will see the MLB team receive $2.6 billion from Apollo’s sports investment side. The deal will allow the New York Yankees to refinance existing debt while also enabling them to pursue growth opportunities.
The Steinbrenner family will continue to have full control of the franchise with Hal Steinbrenner staying on in his role as managing general partner.
“We welcome Apollo to the Yankees family. We are continually seeking ways to strengthen our positioning, and this partnership allows us to explore pursuing strategic opportunities,” Steinbrenner said in a statement. “We look forward to a successful working relationship.”
The Yankees are the most valuable franchise in MLB with recent valuations from Forbes and CNBC ranging from $8.5 billion and $9 billion, respectively.
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According to MLB rules, private equity funds can hold only up to 15% of a team’s equity.
The Yankees’ parent company also includes two soccer teams — Italy‘s AC Milan and New York City FC of MLS — along with the YES Network and Legends Hospitality. Last year, Apollo became the largest shareholder in Spanish soccer team Atlético de Madrid.
(Editor’s note: Apollo Global Management owns Yahoo Inc.)
