Apollo inks $2.6 billion financing deal with NY Yankees

Apollo Global Management Inc. has committed $2.6 billion in financing to the owners of the New York Yankees, marking the largest investment in U.S. sports to date for the private capital firm. The financing agreement, announced on Tuesday, includes a blend of debt and equity, and will be utilized to fuel franchise growth and refinance existing debt. The statement, issued by Apollo Sports Capital, confirmed earlier reports by Bloomberg News.

The Yankees, owned by Yankee Global Enterprises, a family-controlled company led by Hal Steinbrenner, are the financial cornerstone of American baseball. With a valuation of over $9 billion by Sportico, the team ranks among the world's most valuable sports franchises. The franchise, known for its storied history featuring legendary players such as Joe DiMaggio, Mickey Mantle, Babe Ruth, and Derek Jeter, is also a globally recognized brand thanks to its iconic merchandise.

Despite the Yankees' substantial financial resources and willingness to invest in top-tier talent, they have yet to secure a World Series championship since 2009. The Steinbrenner family maintains full control of the team. Hal Steinbrenner announced that the partnership with Apollo allows the Yankees to strengthen its position and explore strategic opportunities.

Apollo has been broadening its scope to offer long-term financing to sports leagues and clubs while also acquiring ownership stakes. Apollo Sports Capital, led by Al Tylis, launched a $5 billion initiative last year, making the firm the majority shareholder of Spanish soccer club Atlético de Madrid. Tylis will join Yankee Global Enterprises' board, expanding its membership by one seat. Goldman Sachs Group Inc. provided advisory services for Yankee Global Enterprises.