The New York Yankees have received a massive capital infusion via a deal with an arm of Apollo Global Management, a New York-based asset management firm.
Yankee Global Enterprises is receiving $2.6 billion from Apollo Sports Capital. The deal, announced Tuesday, is a mix of debt and equity and will allow the Yankees to refinance or retire much of their existing debt, and then pursue new ventures.
The Steinbrenners will maintain full control of the Yankees, with Hal Steinbrenner continuing as the team’s managing general partner.
“We are continually seeking ways to strengthen our positioning, and this partnership allows us to explore pursuing strategic opportunities,” Steinbrenner said in the news release."