The deal, which closed last month, includes both financing and an ownership piece. The Steinbrenner family still controls the Yankees, but Apollo is now directly tied to the team as it restructures debt and invests for future growth.
The timing is also important. Major League Baseball recently raised the amount a private equity firm can own in a team from 15% to 20%, opening the door for bigger institutional stakes in franchises like the Yankees.
For Rowan, it puts his firm inside one of the most valuable and recognizable sports brands in the world.