The most winning franchise in baseball has made history again.
The New York Yankees announced a $2.8 billion financing agreement with Apollog Global Management Inc., a major American asset management firm, on Tuesday, August 11.
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.
Bloomberg first reported in July that Apollo — 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.
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.
“We welcome Apollo to the Yankees family,” Hal Steinbrenner, chairman of Yankee Global Enterprises, said in a statement. “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.”
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.
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