Apollo Global Management Secures 16% Stake in New York Yankees

Apollo Global Management, Inc. is nearing the completion of a $2.6 billion financing agreement to acquire a 16% stake in the New York Yankees. The deal, which combines credit and equity, values the franchise at more than $12 billion, marking the highest valuation for a baseball team in history.

The investment is split between approximately 8% in common equity and 8% in preferred stock that converts after four years. The transaction will be executed through Apollo Sports Capital, a specialized fund established a year ago to target returns from sports assets. As part of the agreement, Al Tylis will join the team's board.

The Steinbrenner family will maintain control of the organization with over 60% ownership, and Hal Steinbrenner will continue as the managing general partner. To facilitate the transaction, Major League Baseball is expected to waive its existing 15% ownership cap for single private equity funds.