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Apollo's Yankees Deal Comes With a $1 Billion Loan
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…
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