Apollo's Yankees Deal Comes With a $1 Billion Loan
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Apollo's Yankees Deal Comes With a $1 Billion Loan
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The Steinbrenner family is selling at least 4% of Yankee Global Enterprises as part of Apollo Sports Capital's $2.6 billion investment, at a valuation above $10 billion per Sportico, and the money arrives in tranches: an initial payment, future share purchases and a $1 billion loan. The New York Post reports Apollo would end up with 16%, roughly half of it in preferred stock that converts after four years, while Hal Steinbrenner keeps control. Before this deal, 18 of MLB's 30 teams already had private equity owners. Also today: Charles Barkley doubles down on retiring from Inside the NBA; Kylian Mbappé's move from Nike to On becomes official; Accredited Debt Relief hires TCA as its first media agency, with Bill Cowher in a new ad as US household debt hits a record high; the NHL names Adobe its official creative, marketing and AI partner for all 32 teams; KFC Canada, Uber Eats and Nike's winning Clio Sports work; and Superstat raises $3.5 million to automate stats for amateur sport. The throughline: money keeps pouring into sport, but it arrives in very different forms, as loans for the owners, marketing tools for the leagues, and ads aimed at the fans.
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