The New York Yankees are receiving $2.6 billion in a deal with the private equity fund Apollo Sports Capital, the team announced on Tuesday.
The huge capital infusion for Yankee Global Enterprises will allow the team to refinance or retire much of its existing debt and then pursue new ventures, according to The Athletic.
Hal Steinbrenner remains the Yankees' managing general partner and the Steinbrenner family maintains full control of the historic franchise. Patriarch George Steinbrenner, who died
in 2010, led a group of investors that bought the team from CBS for $10 million in 1973.
"We are continually seeking ways to strengthen our positioning, and this partnership allows us to explore pursuing strategic opportunities," Hal Steinbrenner said in a news release.
An individual private equity fund can hold no more than a 15 percent stake in a club under the rules of Major League Baseball. The exact percentage of Apollo's stake was not announced. Forbes' annual list of MLB franchise valuations listed the Yankees at $8.5 billion in March.
In addition to the baseball team, Yankee Global Enterprises' assets include the YES Network and stakes in MLS club New York City FC and Italian soccer team AC Milan, all of which could benefit from the new money.
Apollo Sports Capital is a branch of Apollo Global Management, a New York-based firm with nearly $1 trillion in assets under management. Apollo became the majority stakeholder of Spanish soccer power Atletico Madrid in 2025.
--Field Level Media
