Apollo will provide the New York Yankees' owners with $2.6 billion in financing
Apollo Global Management, an investment firm, will provide $2.6 billion in financing to the owners of the New York Yankees baseball club. The deal marks Apollo’s largest investment in the U.S. sports sector, according to Fortune, citing Bloomberg.
The financing for the Major League Baseball (MLB) club includes both debt and equity components. The funds raised are intended to support the franchise’s development and refinance existing debt.
The New York Yankees are based in the Bronx and are owned by Yankee Global Enterprises, which is controlled by businessman Hal Steinbrenner and members of his family. The Steinbrenner family will retain full control of the club. Yankee Global Enterprises has also invested in the Italian soccer club AC Milan and New York City FC, which plays in Major League Soccer.
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Hal Steinbrenner stated that the partnership with Apollo will allow the company to explore strategic opportunities to strengthen its position. El Tylis, head of Apollo Sports Capital, will join the board of directors of Yankee Global Enterprises, which will be expanded by one seat. Goldman Sachs Group acted as an advisor to Yankee Global Enterprises on this transaction.
Apollo is expanding its activities in the long-term financing of sports leagues and clubs, as well as the acquisition of stakes in them. Apollo Sports Capital, led by Tylis, launched a $5 billion initiative last year and subsequently became the majority shareholder of the Spanish soccer club Atlético de Madrid.
According to Sportico, the New York Yankees are valued at over $9 billion. The club has won the World Series 27 times, most recently in 2009.
