The New York Yankees are not only in the news for their on-field issues. They are reportedly looking to sell a stake in the team.
According to the New York Post on Thursday, the Yankees are in talks with Apollo Global Management on a financing package worth nearly $3 billion. The package will mostly be debt with a small amount of equity, as MLB caps private equity ownership at 15%.
The funding will be used to refinance the Yankees’ existing debt and some capital might also be allocated to expansion projects. It’s important to note that the deal is still under negotiation and MLB approval will be required.
Fans shared their thoughts on this report.
“One of the worst things that can happen to the franchise is getting Apollo involved. Research them, they are awful,” one fan wrote.
The Yankees primarily remain under the control of the Steinbrenner family through Yankee Global Enterprises, which also owns stakes in AC Milan, New York City FC, the YES Network, and Legends Hospitality.
If the negotiations result in a deal, this will mark the biggest investment by Apollo into the US sports market to date. They recently acquired a majority stake in Spanish soccer team Atlético de Madrid.
Yankees Tied To MLB Catcher Not Named Ryan Jeffers or Hunter Goodman
The Yankees have been one of the worst teams to get production out of the backstop position. They are in the market for a catcher and the obvious names that stand out are Minnesota Twins catcher Ryan Jeffers and Colorado Rockies’ Hunter Goodman.
According to Bleacher Report’s Kerry Miller, there is a third name who could actually be dealt. That someone is Cincinnati Reds catcher Tyler Stephenson.
“Even with Austin Wells hitting a pair of home runs in New York’s final few games before the All-Star Break, the Yankees have a year-to-date “as catcher” triple-slash of .176/.251/.270,” Miller wrote. “Everyone has been connecting them to Minnesota’s Ryan Jeffers for a while now, but Cincinnati’s Tyler Stephenson is exponentially more likely to actually end up on the trade block.”
Goodman is under team control for multiple years, leaving the Rockies not in a dire state to trade him at the deadline. With Jeffers, the Twins are looking towards snatching a postseason spot, leaving them in a spot of bother about whether to trade him.
In this scenario, the Yankees might be able to convince Cincinnati for Stephenson, who will become a free agent at the end of this season.
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