
Yankee Global Enterprises closes an agreement with Apollo Sports Capital that combines debt and equity to refinance liabilities and explore new investments.
Yankee Global Enterprises has closed a $2.6 billion deal with Apollo Sports Capital, allowing the Steinbrenner family to maintain control of the New York Yankees while refinancing debt and driving growth.
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The Yankees were carrying debt linked to the construction of Yankee Stadium and had carried out previous refinancing.
Apollo joins the New York Yankees. Yankee Global Enterprises (YGE), the company that owns the MLB franchise, has closed an agreement of 2.6 billion dollars (2.25 billion euros) with Apollo Sports Capital, the investment fund specialized in sports and which depends on Apollo Global Management. The percentage of the franchise's shares that the fund manager now controls has not been revealed, but the Steinbrenner family will maintain control of the Yankees and Hal Steinbrenner will continue as managing partner of the franchise. What is clear is that the operation combines debt and equity. It will allow the franchise to refinance or retire much of its existing debt before tackling new investments.
YGE brings together assets beyond the baseball franchise, including YES Network and Legends Hospitality, as well as stakes in Italian club AC Milan and MLS team New York City FC.
The Yankees were carrying debt linked to the construction of Yankee Stadium. In 2016 they refinanced around 1 billion dollars (865 million euros) and currently it is estimated that they maintain less than 100 million dollars (86.5 million euros) of debt.
Strategic opportunity
“We continually look for ways to strengthen our position, and this partnership allows us to explore strategic opportunities,” said Hal Steinbrenner, president of Yankee Global Enterprises. For his part, Al Tylis, CEO of Apollo Sports Capital and next member of the YGE board, has highlighted the agreement as a way to support the growth of the organization.
Apollo executives have highlighted the strategic nature of the operation and its commitment to permanence. Al Tylis, CEO of Apollo Sports Capital and next member of the YGE board, stated that “it is a privilege for Apollo Sports Capital to partner with the Yankees” and noted that the firm hopes to support the franchise in its pursuit of excellence and the “standard of sporting success” that has historically characterized it.
Tailored solution
For his part, Robert Givone, partner at Apollo, has defined the operation as “a tailored capital solution” and has underlined the firm's intention to maintain a long-term relationship with the franchise: “We hope to be a long-term partner of this historic franchise.”

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