Apollo has agreed to provide $2.6bn to Yankee Global Enterprises, the holding company behind the New York Yankees. The financing blends credit and equity, with proceeds earmarked for the continued growth of the Yankees and refinancing existing debt. The transaction is expected to close imminently.

For a franchise as closely held as the Yankees, the structure leaves control untouched. The Steinbrenner family retains full ownership, and Hal Steinbrenner stays on as managing general partner and the club’s control person for Major League Baseball. Apollo’s involvement runs instead through a single new board seat at Yankee Global Enterprises, which Apollo Sports Capital chief executive Al Tylis will fill as the board expands by one.