Apollo Global Management, Inc. (NYSE:APO) is close to completing a deal that would give it a 16% stake in the New York Yankees, according to a September 20 report in the New York Post, which put the valuation at more than $12 billion. The transaction is the $2.6 billion financing agreement Apollo announced with the team's owners on August 11, its largest investment in US sports, according to Bloomberg, structured as a mix of credit and equity. Under the terms described, Apollo would hold about 8% in common equity and another 8% in preferred stock that converts after four years. The Steinbrenner family would keep control with a little over 60%, and Hal Steinbrenner would remain managing general partner.
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