Apollo inks $2.6 billion financing deal with NY Yankees

Apollo Global Management Inc. is providing $2.6 billion of financing to the owners of the New York Yankees, the private capital giant’s largest investment to date in US sports.

The deal between the Major League Baseball franchise and Apollo’s sports investment arm consists of debt and equity, according to a statement Tuesday that confirmed previous Bloomberg News reporting. Proceeds will be used to support the growth of the franchise and refinance existing debt.

The sports financing market is becoming increasingly competitive, as firms including Arctos Partners, CVC Capital Partners and Ares Management Corp. seek greater exposure to leagues and franchises spanning........

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