The New York Yankees are in advanced discussions with Apollo Global Management to secure approximately $3 billion in financing, according to sources familiar with the matter. The proposed package would primarily comprise debt, supplemented by some equity. The deal could be announced soon pending continued negotiations and approval from Major League Baseball.

The Yankees, owned by the Steinbrenner family since 1973, are among the most valuable sports franchises globally. Hal Steinbrenner, son of the late George Steinbrenner, has served as the team’s chairman since 2007. The organization's holdings extend beyond baseball, including stakes in soccer clubs AC Milan and New York City FC, as well as media and hospitality ventures such as the YES Network and Legends Hospitality.

Historically, the Yankees have dominated Major League Baseball with a record 27 World Series championships, the most recent coming in 2009. The franchise has long been recognized for maintaining the sport’s highest payroll to attract top talent. However, that dominance has been challenged in recent years. The Los Angeles Dodgers, under the ownership of Guggenheim Partners CEO Mark Walter, have won the last two World Series titles and established themselves as baseball’s economic leader. Meanwhile, the New York Mets, led by hedge fund billionaire Steve Cohen since 2020, have started to outspend the Yankees but have struggled to achieve on-field success this season.

Apollo’s interest in the Yankees represents a growing trend of institutional investors increasing their presence in the sports industry. Apollo launched its sports investment arm, Apollo Sports Capital, last year, capitalizing on a broader wave of capital inflows into global sports. The potential Yankees transaction would mark Apollo’s largest investment in a U.S.-based team to date. The firm also made a major move in European soccer by acquiring a majority stake in Atlético de Madrid last year.

The discussions between the Yankees and Apollo underscore an evolving sports business landscape where private equity and institutional financing play an increasingly prominent role in franchise ownership and operations.