Yankees' Ownership Change Draws Criticism From NBA, NHL Owner
After Apollo Global Capital bought an-MLB record stake in the Yankees, Ted Leonsis called out private equity ownership in sports.
Ted Leonsis, the longtime owner of the NBA, NHL, and WNBA teams in Washington, D.C., has expressed concern over the recent minority stake purchase by Apollo Global Capital in the New York Yankees. The private equity firm's stake in the Yankees now accounts for 16% of the team, surpassing the 15% cap previously set by Major League Baseball.
Leonsis, who owns several sports teams, believes that the objectives of private equity firms are not aligned with the purpose of owning a professional sports team. He claims that private equity firms are more focused on making fast profits and managing someone else's money, rather than viewing sports teams as long-term investments like he does.
Leonsis cited the rapid growth in the sports ownership business, such as Mark Walter's sale of the Los Angeles Lakers to Bob Iger and Joshua Kushner for $12.5 billion, as evidence of the issues he has with private equity involvement in sports teams.
Written by urgent.news from Newsweek's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
