Yankees land $2.6B from Apollo at $10B valuation as Steinbrenners sell stake
What's the deal? The Steinbrenner family is selling at least 4% of the New York YankeesDealroom has a profile for this one. Try Dealroom →' parent company as part of a $2.6 billion financing from Apollo Global ManagementDealroom has a profile for this one. Try Dealroom →, according to people familiar with the deal. The investment values Yankee Global EnterprisesDealroom has a profile for this one. Try Dealroom → (YGE) at more than $10 billion.
The details: The Apollo injection combines debt and equity, with the Steinbrenners and some limited partners selling shares. The family will remain full control owners of YGE, which also holds stakes in Serie A's AC MilanDealroom has a profile for this one. Try Dealroom →, MLS' New York City FCDealroom has a profile for this one. Try Dealroom →, hospitality firm LegendsDealroom has a profile for this one. Try Dealroom →, and the YES NetworkDealroom has a profile for this one. Try Dealroom →.
By the numbers: George Steinbrenner led a group that bought the Yankees in 1973 for $8.8 million. His children took control after his death in 2010, making the family the longest-tenured owners in Major League Baseball (MLB). The team ranked first in Sportico's March MLB valuations at $9.4 billion.
Why it stands out: The round ranks among the largest growth equity deals ever recorded in US sports, sitting in the top percentile of 58 comparable deals.
Who's Apollo? The alternative asset manager held $1.05 trillion in assets as of June 30 and launched a roughly $6 billion sports fund last year. Apollo Sports CapitalDealroom has a profile for this one. Try Dealroom → chief executive Al Tylis is joining the YGE board in a newly created seat.
The bigger picture: Apollo bought control of LaLiga's Atlético MadridDealroom has a profile for this one. Try Dealroom → this spring at a $2.55 billion valuation and holds minority stakes in Wrexham FCDealroom has a profile for this one. Try Dealroom → and the Madrid and Miami Open tennis tournaments. MLB rules cap private equity investment at 15% of a franchise.
The signal: Private capital is moving deeper into top-tier sports franchises, with asset managers like Apollo building dedicated funds to buy in. The Yankees deal shows even the sport's most storied owners are opening their books — while keeping control.
Read more: sportico.com
Image credit: Steven Pisano
