Jewish Billionaire Marc Rowan’s Apollo Buys Into The New York Yankees With Huge $2.6 Billion Deal

The money is going into Yankee Global Enterprises, which owns the Yankees and also holds major sports assets including the YES Network and stakes in New York City FC and AC Milan. The company plans to use the cash to pay down debt and pursue new business opportunities.

The deal does not give Rowan or Apollo control of the Yankees. The Steinbrenner family will remain firmly in control, while Apollo becomes a minority owner. MLB rules prevent a single private equity fund from owning more than 15% of a team.

The Yankees were valued by Forbes at $8.5 billion earlier this year. The Steinbrenner family originally bought the team for just $10 million in 1973.

For Rowan, the deal pushes Apollo even deeper into the global sports business. The nearly $1 trillion investment firm already became the majority owner of Spanish soccer giant Atlético Madrid last year, and now it has a piece of one of the biggest names in American sports.