Wrexham and Atletico Madrid owner Apollo nears Yankees stake in $12bn deal

Apollo Sports Capital, a subsidiary of Apollo Global Management, is set to acquire a minority stake in the New York Yankees, as part of a $12 billion deal. The company, which recently acquired a majority stake in Atletico Madrid and a minority stake in Wrexham AFC, aims to diversify its portfolio with investments in various sports teams and businesses.

The deal would see Apollo gaining eight percent of Yankee Global Enterprises, the parent company of the Yankees, at an estimated valuation of over $12 billion. Additionally, Apollo will receive preferred shares that are expected to convert into another eight percent of equity in 2030. The Steinbrenner family, who currently hold a majority stake in YGE and the Yankees, will remain as the dominant shareholders.

Apollo Sports Capital, which launched last year with approximately $6 billion in capital, has already made significant moves in the sports industry, acquiring Atletico Madrid, a Spanish football team, and Wrexham AFC, a Welsh club. The company's interests also extend to tennis tournaments, Mexican football, and stadium developments.

The financing deal with the Yankees follows a $2.6 billion partnership between Apollo and YGE, with Apollo CEO Al Tylis joining the board of the parent company. Yankees' chairman Hal Steinbrenner welcomed Apollo's entry into the Yankees family, expressing their intent to explore strategic opportunities together. Tylis emphasized the honor of partnering with the Yankees, a legacy of greatness in sports.

Apollo partner Robert Givone stated that this investment aligns perfectly with Apollo Sports Capital's mission to deliver tailored capital solutions to esteemed franchises.