Blog Post
Step aside, software. It’s the summer of sports!
Software — once the crowned jewel of both sponsor and private credit portfolios — has largely fallen out of fashion with dealmakers this year due to marketwide uncertainty around AI. According to Octus’ mid-year data, the sector, which was the second-most active in 2025, slid to fifth place in the first half of 2026, accounting for just 13% of private credit deal activity.
But as lender attitudes around software cool, the sports sector has been gaining momentum in the credit markets.
Last month, news broke that Apollo Global Management was holding advanced talks with The New York Yankees to provide a roughly $3 billion financing to refinance the iconic baseball team’s existing debt and fund growth opportunities. Earlier this week, the deal was formally announced. The $2.6 billion financing, a combination of credit and equity, is now Apollo’s largest U.S. sports investment to date.
Against this backdrop, Octus’ deal origination team has been tracking multiple M&A auctions for sports-related companies, including Fox Factory’s effort to divest its Marucci Sports sporting equipment business, a Goldman Sachs-led auction for golf apparel brand Johnnie-O and the ongoing full or partial sale process for Baseball Lifestyle 101.
After years of muted M&A in the consumer discretionary sector, this string of sports-related auctions reflects sports’ journey from relative obscurity in the investment world to a sought-after sector for both credit and equity investors.
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