The late George Steinbrenner bought the New York Yankees from CBS for $10 million in 1973. Today, they have a valuation of $8.5 billion, making them the most valuable team in MLB. But that doesn’t mean they can’t extend their financial reach. In fact, Yankee Global Enterprises has just agreed to a massive deal with Apollo Global Management. While the deal is aimed at debt and equity financing to achieve greater financial flexibility, several fans don’t seem to be on board.
“The Yankees have finalized a $2.6 billion financing deal with Apollo Global Management,” SleeperYankees posted on X.
Apollo Sports Capital, a permanent capital platform of Apollo Global Management, is providing the entire financing. The deal is with Yankee Global Enterprises, and the Steinbrenner family will retain full control of the club. But what the fans are eager to know is whether the money will be spent on acquiring players. The simplest answer is ‘no.’
Yankee Global Enterprises is the parent company that has interests beyond the New York franchise, and that includes YES Network, Legends Hospitality, Italian soccer club AC Milan, and MLS club New York City FC.
“We are continually seeking ways to strengthen our positioning, and this partnership allows us to explore pursuing strategic opportunities,” Hal Steinbrenner said in a news release.
The Yankees have a payroll of $324 million, including taxes, and they generated $387 million in ticket sales last year. Meanwhile, they have a debt of $85-90 million, which is about 1% of their total valuation.
The $2.6 billion will allow the parent organization to streamline its finances, improve future business opportunities, or even buy out limited partners. More importantly, a private equity fund can’t own more than 15% of an MLB franchise. So, the Yankees will only abide by that regulation. While that’s that, the loyalists of the New York Yankees don’t seem happy with the decision. In fact, they have flooded social media ever since the news was confirmed.
Yankee fans want more than just a financial windfall“Not good news. Please sell!🙄,” wrote one fan.
Another diehard raised a more concerning question, writing, “How long before one of these corporate sponsors insists on a stadium name change? 🤔”
Most of the fans are worried about the Yankees’ offensive struggles in recent times. They are worried about not having enough elite players to end the 16-year World Series drought.
“And still won’t spend on a good team,” read one comment.
And another fan followed suit, writing, “They get like $145m from YES annually. Time to pull open their purse strings and get back to winning.”
Despite New York being comfortably on course for the playoffs, fans haven’t been satisfied with the team’s recent performances, as it has dropped six of its last 11 games.
“Who gives a [expletives]!!!!!! Hal is a clown. This organization is trash. The Dodgers are the new Yankees,” wrote another fan.
The Yankees are second in the AL East with a 67-52 record, and overall, they are 28th in the league with a .230 AVG. That is indeed concerning for a team eyeing the championship, particularly going up against the back-to-back champions. That’s why they openly express their discontent with Hal Steinbrenner and the organization.
Although the financial boost isn’t aimed at building a better baseball team, the fans refuse to focus on anything other than results.
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