Apollo Sports Capital Partners With Yankees Global Enterprises on $2.6 Billion Strategic Investment

Paul, Weiss is advising Apollo on a $2.6 billion financing agreement between affiliates of Apollo Sports Capital, a permanent capital platform of Apollo, and Yankee Global Enterprises, the holding company of the New York Yankees. The financing agreement is a mix of credit and equity, with proceeds supporting the continued growth of the Yankees franchise as well as the refinancing of existing debt. The transaction is expected to close imminently.

Apollo Sports Capital CEO Al Tylis will join Yankee Global Enterprises’ board of directors. The Steinbrenner family will maintain full control of the New York Yankees and Hal Steinbrenner will remain as the managing general partner of the New York Yankees and represent the team as the MLB control person.

The Paul, Weiss team is led by corporate partners Joseph Glatt, Ross Fieldston, Michael Montgomery and Mark Wlazlo, and includes partners Gregory Ezring, Matthew Goldstein, Brian Janson and Kirk Anderson, and counsel David Levine; and tax partners Brad Okun and Sohail Itani.