Steinbrenner family keeps Yankees control in Apollo’s $2.6bn financing
The Steinbrenner family will keep full control of the baseball franchise.
Yankee Global Enterprises on August 11 announced a $2.6bn financing agreement with affiliates of Apollo Sports Capital, in a mix of credit and equity that will support growth of the New York Yankees franchise and refinance existing debt.
The Steinbrenner family will maintain full control of the New York Yankees, with Hal Steinbrenner remaining managing general partner and MLB control person, while YGE’s board is set to expand by one seat. That structure shows sports owners can raise large private capital while preserving family control through minority-style financing rather than a sale, based on the mix of credit and equity, the family’s retained control and Apollo gaining only one board seat.
The transaction was expected to close imminently.
Sources: apollo.com
