Apollo takes 16% Yankees stake in deal valuing team at $12B+

Apollo Global announced last month that it would provide $2.6 billion in financing to MLB’s New York Yankees. But according to the New York Post, the deal will give Apollo a larger stake in the Bronx Bombers than initially reported.

Apollo Sports Capital, the PE firm’s sports investment arm, will get a 16% stake in the franchise, making it the second-largest owner after the Steinbrenner family, which retains a bit more than 60% control. Although MLB caps private equity ownership at 15%, it is expected to waive the rule.

The Yankees, already MLB’s most valuable franchise at $9.4 billion, will be valued at more than $12 billion under the deal.

Apollo manages around $1.05 trillion in assets, and its increasing ownership in MLB pushes the limits of how much other teams in the league can make.

Forbes reports that the Yankees could move into the No. 2 or 3 spot among the world’s most valuable sports franchises, behind the $13 billion Dallas Cowboys.