Apollo Backs the Yankees With $2.6 Billion in Financing

Apollo Sports Capital is providing $2.6 billion in debt and equity financing to Yankee Global Enterprises, bringing the private-equity firm in as a new strategic backer of the New York Yankees’ holding company. The transaction will help fund growth initiatives at the franchise while refinancing existing borrowings, according to Yankee Global Enterprises, which announced the deal Tuesday. The deal is expected to close imminently and will add Al Tylis, CEO of Apollo Sports Capital, to the Yankee Global Enterprises board, expanding it by one seat. The Steinbrenner family will retain full control of the Yankees, with Hal Steinbrenner continuing as managing general partner and the team’s MLB control person. Read Also: Trump’s Rare-Earth Gamble Has New Private-Market Winner "We welcome Apollo to the Yankees family," Steinbrenner said. "We are continually seeking ways to strengthen our posit...