Apollo Global Management Inc., a major American asset management firm, announced a $2.8 billion financing agreement with the New York Yankees on Tuesday, August 11.
Bloomberg first reported in July that Apollo Global Management — which became the majority shareholder of Spanish professional football club Atlético Madrid in 2025 — had been looking to specialize in lending long-term capital to sports leagues and clubs. The Yankees deal marks the firm’s biggest investment in U.S. sports to date, according to the outlet.
“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,” Apollo Partner Robert Givone said in a statement, via Business Wire.
The Yankees are currently owned by Yankee Global Enterprises, which is under the leadership of chairman and managing general partner Hal Steinbrenner and others.
The terms of the agreement, which is expected to close imminently, will comprise a mix of credit and equity, as well refinancing of existing debt, per the press release.
Per Bloomberg, Major League Baseball rules don’t allow private equity firms to become majority owners. As part of the deal, the Steinbrenner family will maintain full control of the 27-time World Series champions, while Apollo Sports Capital CEO Al Tylis will join the board of Yankee Global Enterprises.
“The New York Yankees are one of the most iconic franchises in sports, defined by a legacy of greatness,” Tylis said in a statement. “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’s Sports Capital business, led by Tylis, is described on its website as “a trusted and aligned partner across the global sports and live events ecosystem, investing across opportunities, providing patient capital and adding strategic value to leading franchises, owners, and assets.”
As the sports industry evolves, Apollo Sports Capital “seeks to serve as an innovative and scalable solutions provider, building durable businesses that create lasting value for fans, teams, and communities worldwide.”
The New York Yankees are currently worth approximately $8.5 billion, according to Forbes. CNBC estimates that the team is valued at $9 billion.
Read More From InTouch Weekly
- Perez Hilton‘s Lawyer Responds to Mother’s Request for Custody of His Three Children
- 12 Celebrities Who Married Normal Everyday People
- Nicole Kidman Reminisces on Tom Cruise Romance After Keith Urban Divorce
This story New York Yankees Make Historic Move With Nearly $3 Billion Financing Deal first appeared on InTouch Weekly. Follow InTouch Weekly on Yahoo so you don’t miss what’s coming next.