Apollo Capital to acquire 16% stake in Yankees, pushing franchise above $12 billion

A pending agreement will see private-equity firm Apollo Capital Management purchase an 8% equity stake and an additional 8% of preferred stock in the New York Yankees, together amounting to roughly 16% of the franchise. The Steinbrenner family will retain a controlling share of just above 60%, shedding a “de minimis” slice of no more than 3% of its stake. Apollo’s $2.6 billion contribution, split between debt and equity, values the club at more than $12 billion, positioning it ahead of the Los Angeles Dodgers as baseball’s most valuable team.

The investment will provide cash for player acquisitions, debt refinancing and a strike-proof reserve, while Apollo’s sports-fund head Al Tylis will join the 13-member Yankee Global Enterprises board. The deal, negotiated by Hal Steinbrenner, awaits final paperwork and a likely MLB waiver of the league’s 15% ownership cap for private-equity investors.