The New York Yankees and Apollo Global Management are in talks for the alternative asset manager to inject between $2 billion and $3 billion into the MLB club. It would be a combination of debt and equity, according to multiple people familiar with the details.
The Yankees and Apollo did not respond to requests to comment on the talks. Bloomberg was the first to report the discussions.
The investment would be in the Yankees parent company, Yankee Global Enterprises (YGE). YGE’s assets also include 10% of Serie A’s AC Milan, 10% of MLS’ New York City FC, about 16% of hospitality company Legends and 26% of regional sports network YES Network.
The funds would be used partly to refinance existing debt, with the equity component directed towards buying out some limited partners. The Steinbrenner family will maintain their control of YGE and the Yankees. MLB’s private equity rules cap investment at a 15% of a franchise.
The Yankees topped Sportico’s March MLB team valuations for the sixth straight year at $9.4 billion, including their stake in the YES Network and other related businesses. The Bronx Bombers ranked No. 7 among all global sports franchises.
