Apollo Global Management Inc. has completed a $2.6 billion financing deal with the New York Yankees, marking the private capital firm's largest investment in U.S. sports to date.
The transaction, finalized Monday, comprises both debt and equity components provided through Apollo's sports investment arm. Proceeds from the financing will support the franchise's growth and refinance existing debt, according to a statement confirmed by Bloomberg Terminal.
The deal culminates advanced talks that began in mid-July, when the Yankees and Apollo's sports investing unit first discussed terms of a financing package. At that time, the parties were negotiating a package of nearly $3 billion comprising mostly debt with some equity participation.
The final structure reflects the negotiated terms between the Major League Baseball franchise and Apollo's sports investment division. The financing underscores the continued flow of institutional capital into professional sports, as major private equity and investment firms expand their portfolios in the sector.