Why The $8.5 Billion Yankees Are Raising $2.6 Billion From Apollo

The New York Yankees, MLB's richest franchise, secured a $2.6 billion financing agreement with Apollo Sports Capital, a prominent sports investor. This credit and equity deal aims to bolster franchise growth and refinance debt, with Apollo's CEO joining the Yankees' parent company board while the Steinbrenner family retains control. Notably, the Yankees owe no deferred money to players, a stark contrast to teams like the Dodgers, who face over $1 billion in deferred payments, including Shohei Ohtani's $680 million deferred until 2043. This highlights a broader trend of long-term deferred contracts, with Bobby Bonilla still receiving payments from the Mets and Orioles decades after playing. The new funding strategically positions the Yankees for future challenges, especially as MLB seeks to ban deferred compensation in upcoming collective bargaining agreements, though existing deals would be grandfathered.

The New York Yankees, already the richest franchise in Major League Baseball, today announced a $2.6 billion financing agreement with Apollo Sports Capital.

A year ago, Apollo became the majority stakeholder ​of Spanish soccer power Atletico Madrid. As of June 30, Apollo had approximately $1.05 trillion in assets under management.

The Steinbrenner family remains in control of the Yankees, which was ranked by Forbes.com in March as the richest in Major League Baseball at $8.5 billion.

Yankees Chairman Hal Steinbrenner said in a statement, “We welcome Apollo to the Yankees family. We are continually seeking ways to strengthen our positioning, and this partnership allows us to explore pursuing strategic opportunities. We look forward to a successful working relationship.”

Apollo CEO Al Tylis will join the Yankee Global Enterprises (YGE) Board, expanding it by one seat. Steinbrenner will remain as the Managing General Partner and continue to represent the team as the MLB Control Person.

The agreement is a financial mix of credit and equity. Proceeds are intended to support the continued growth of the Yankees franchise as well as refinance existing debt. The transaction is expected to close soon.

YGE is the parent company of the Yankees and holds ownership stakes in Legends Hospitality, Yankees Entertainment & Sports (YES) television network, New York City FC of Major League Soccer and Italian soccer power AC Milan. All of those entities could share in the influx of money.

MLB rules prohibit an individual private equity fund from owning more than a ‌15 ⁠percent stake in a club. The exact percentage of Apollo’s stake in the team was not announced.

George Steinbrenner, Hal’s father who died in 2010, led a group of investors that bought ​the team from CBS Television for $10 million in 1973.

Apollo began investing in sports last fall. In addition to controlling Atletico Madrid, it is a minority investor in English side Wrexham AFC, which recently played an exhibition match against Liverpool at Yankee Stadium.

The Yankees do not owe any active or retired player deferred money, according to figures supplied by both Spotrac.com.

In contrast, the free-spending Los Angeles Dodgers, currently owe players more than $1 billion in deferred money, according to Bleacher Report. They will be paying 10 of their current stars such as Shohei Ohtani, Mookie Betts, Kyle Tucker, Freddie Freeman and Blake Snell for decades, according to FanDuel.

Snell signed a five year, $182 million contract before the 2025 season. He will be paid through 2046. The left-hander is being activated today after having elbow surgery in May. He made only 11 starts in 2025, but did go 3-2 in five post-season starts to help the Dodgers to their second straight World Series championship.

Ohtani’s 10-year, $700 million deal signed before the 2024 season calls for $680 million, or 97.1% to be deferred until 2043.

Edwin Diaz’s contract runs the longest among current Dodgers, until 2047. The reliever signed last December for three years, $69 million with $13.5 million deferred. The right-hander ALSO is still getting paid deferred money from his former team, the New York Mets. He’ll get $16.5 million from them until 2042.

That’s from the five-year, $102 million contract he signed before the 2023 season. Diaz had an opt-out clause and used it last winter, spurning the Mets for a new deal in Los Angeles.

He has appeared in only 13 games, missing three months after having elbow surgery in April. Diaz has an unsightly 9.82 ERA in 11 innings with just six saves overall.

Bobby Bonilla is 63 years old and last played in 2001. On July 1, he got a check from the Mets for $1,193,248.20. It was the 16th of 25 such payments he will get until 2035.

The slugger was owed $5.9 million when the Mets released him on January 3, 2000. Instead of paying it off, the team deferred it for 11 years at an 8% interest growth. That compounded rate turned it into $29.8 million over 25 annual payments that began in 2011.

The Mets had a similar agreement with Bret Saberhagen. Now 62, the former ace right-hander will eventually receive $250,000 over 25 years, from 2004 to 2028.

Bonilla also is getting paid by the Baltimore Orioles, who picked up a mid-90s rich Mets contract when they got him from New York in a deal at the 1995 trade deadline. The Orioles assumed the rest of his hefty contract. Though he played in Baltimore only through 1996, he gets $500,000 annually from the O’s from 2004 until 2028.

The Orioles will be paying Chris Davis until 2037 although the slugger retired in 2020. They still owe him $42 million on a seven-year, $161 contract signed in 2016.

Max Scherzer has played for four teams since being traded by the Washington Nationals at the 2021 trade deadline. While getting a total of $149 million since from the Dodgers, Mets, Texas Rangers and Toronto Blue Jays, he was still owed $105 million by Washington. That was half of the seven-year, $210 million contract he signed in 2015. He will still get $15 million every July 1st until 2028.

These are just some examples of many deferred deals throughout MLB.

The Yankees are currently in good shape in regards to making the playoffs. They have the second-best (66-52) record in the American League. Six teams qualify, so unless there is a complete collapse over their final 44 games, the Bronx Bombers should be playing post-season ball for the third season in a row and ninth time in 10 years.

That 2026 record has been achieved despite costly injuries to sluggers Aaron Judge, Giancarlo Stanton, Cody Bellinger and others. Bellinger, MVP of the 2026 All-Star Game in July, went on the injured list recently after 102 games. Stanton has played only 24 games and Judge only 59.

When prized prospect George Lombard Jr., hit a home run in his first MLB game, it gave Yankees fans renewed energy that their team is again destined for greatness.

The goal at Yankee Stadium is always to win it all. The Yanks have failed, however, in 12 post-season tries since their last World Series championship in 2009.

The new cash flow won’t help things this year but sets up the franchise for the future, especially with the Collective Bargaining Agreement between players and teams ending on December 1.

Preliminary talks have both sides far apart. Among proposals sought by teams is to explicitly ban deferred compensation in all future contracts. Existing deferred deals will not change due to a potential work stoppage or strike. They would be grandfathered in if such a proposal is agreed upon.

If the 2027 season is delayed in any way, however, Yankee Global Enterprises will still be able to draw upon their new cash agreement to pay other holdings while not getting revenue from the baseball team.

Either way, seems like the New York Yankees’ best deal came after the 2026 MLB Trade Deadline by hitting a financial grand slam.