The New York Yankees are reportedly negotiating a $3 billion financing package with Apollo Global Management.
The proposed transaction features a mix of debt and equity, Bloomberg reported on Wednesday, citing people familiar with the matter.
The baseball franchise plans to use the fresh capital to refinance existing obligations and fund future expansion projects.
Hal Steinbrenner and his family control the team through Yankee Global Enterprises. The ownership group also holds stakes in Italian soccer club AC Milan and Major League Soccer’s New York City FC.
Negotiators continue to finalize the specific size and structure of the transaction.
Major League Baseball regulations cap private equity ownership at 15% per fund and ban institutional firms from holding majority stakes in any franchise.
An Apollo spokesperson declined to comment. The Post has also sought comment from the New York Yankees.
Sportico currently values the Bronx franchise at over $9 billion, cementing its status as a financial juggernaut in global sports.
The agreement would represent Apollo’s largest capital injection into the US sports market to date. Wall Street powerhouses, including Ares Management Corp. and CVC Capital Partners, increasingly target professional leagues for long-term yields.
Apollo rolled out a $5 billion sports investment strategy last year and recently acquired a majority stake in Spanish soccer team Atlético de Madrid through its Al Tylis-led sports capital division.
This story originally appeared on NYPost
