New York Yankees Land $2.6 Billion Financing Deal With Private Equity Company Apollo

The New York Yankees announced Tuesday that they struck a $2.6 billion financing deal with Marc Rowan’s Apollo Sports Capital. The agreement is being promoted as a way to fuel growth for the 27-time World Series champions while also maintaining control for the Steinbrenner family.

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Mixing equity and credit, the deal is one of the biggest private capital infusions into a Major League Baseball franchise in recent history. The transaction is expected to be finalized in the coming days. (RELATED: MLB Fan Should Lose Fandom Card For Saying Most Asinine Thing About Hank Aaron)

Al Tylis, the CEO of Apollo Sports Capital, will be joining the board of Yankee Global Enterprises, which will be expanding by a seat to add him. Hal Steinbrenner will continue as the franchise’s MLB control person and managing general partner.

It’s not known whether or not the agreement will allow the Yankees to ratchet up its investments in regard to bringing in talent.

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“We welcome Apollo to the Yankees family,” said Steinbrenner in an official statement. “We are continually seeking ways to strengthen our positioning, and this partnership allows us to explore pursuing strategic opportunities.”

The infusion for the Yankees comes as the franchise looks for new capital for both expansion and operations. The holding company for the organization, Yankee Global Enterprises, also has stake in the YES Network, Major League Soccer’s New York City FC, Serie A’s AC Milan in Italy and Legends Hospitality. According to officials, the money will be able to support those entities as well.

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