Steinbrenner family sells Yankees stake in Apollo Global Management deal

The Steinbrenner family is selling a portion of its stake in Yankee Global Enterprises (YGE) as part of a $2.6 billion financing deal with Apollo Global Management. The investment, which consists of both debt and equity, values the parent company of the New York Yankees at between $10 billion and $12 billion.

Under the terms of the agreement, the Steinbrenner family will maintain majority control with over 60% ownership. Apollo is expected to become the largest equity owner after the family, potentially holding a stake of up to 16%. As part of the transaction, Apollo Sports Capital CEO Al Tylis will join the YGE board.

The capital injection is intended to provide the franchise with resources to acquire players, manage debt, and maintain a cash cushion. Following the deal, the Yankees are projected to become the most valuable franchise in Major League Baseball, surpassing the Los Angeles Dodgers.