Article
New York Yankees Holding Company Yankee Global Enterprises Enters Into $2.6B Financing Agreement with Apollo Sports Capital Comprising Credit and Equity to Support Growth, Refinance Debt
Yankee Global Enterprises, or YGE, the holding company of the New York Yankees, today announced a $2.6 billion financing agreement with affiliates of Apollo Sports Capital, or ASC, a permanent capital platform of Apollo (NYSE: APO).
The financing agreement is a mix of credit and equity, with proceeds supporting the continued growth of the Yankees franchise as well as refinancing of existing debt. The transaction is expected to close imminently.
Apollo Sports Capital CEO Al Tylis will join YGE’s Board, which will expand by one seat. The Steinbrenner family will maintain full control of the New York Yankees and Hal Steinbrenner will remain as the Managing General Partner of the New York Yankees and continue to represent the team as the MLB Control Person.
Gibson Dunn is acting as counsel to YGE and Goldman Sachs served as strategic advisor.
Paul, Weiss, Rifkind, Wharton & Garrison is acting as lead legal counsel to Apollo Sports Capital with Katten Muchin Rosenman acting as regulatory counsel.
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