NEW YORK, August 11 — Yankee Global Enterprises, (YGE), the holding company of the New York Yankees, today announced a $2.6 billion financing agreement with affiliates of Apollo Sports Capital (ASC), a permanent capital platform of Apollo (NYSE: APO).
The financing agreement is a mix of credit and equity, with proceeds supporting the continued growth of the Yankees franchise as well as refinancing of existing debt. The transaction is expected to close imminently.
Apollo Sports Capital CEO Al Tylis will join YGE’s Board, which will expand by one seat. The Steinbrenner family will maintain full control of the New York Yankees and Hal Steinbrenner will remain as the Managing General Partner of the New York Yankees and continue to represent the team as the MLB Control Person.
Hal Steinbrenner, Chairman of Yankee Global Enterprises, said, “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. We look forward to a successful working relationship.”
Al Tylis, Apollo Sports Capital CEO and incoming YGE board member, said: “The New York Yankees are one of the most iconic franchises in sports, defined by a legacy of greatness. It is a privilege for Apollo Sports Capital to partner with the Yankees, and we are grateful to the Steinbrenner family for their trust. We look forward to supporting the organization’s continued pursuit of excellence and the championship standard that has long been the hallmark of the New York Yankees.”
Apollo Partner Robert Givone, said: “This is precisely the kind of bespoke capital solution Apollo Sports Capital was built to deliver, and we look forward to being a long-term partner to this storied franchise.”
Launched in 2025, Apollo Sports Capital is a permanent capital platform providing capital solutions across the global sports and live events ecosystem.
Gibson Dunn is acting as counsel to YGE and Goldman Sachs served as strategic advisor.
Paul, Weiss, Rifkind, Wharton & Garrison is acting as lead legal counsel to Apollo Sports Capital with Katten Muchin Rosenman acting as regulatory counsel.