Apollo Sports Capital has agreed to provide $2.6 billion to Yankee Global Enterprises, the holding company of the New York Yankees. This capital infusion will be used to support the continued growth of the Yankees franchise as well as the refinancing of existing debt.

Apollo Sports Capital CEO Al Tylis will join YGE’s board, which will expand by one seat. The Steinbrenner family will maintain full control of the New York Yankees, and Hal Steinbrenner will remain as the managing general partner and the MLB control person.

Apollo partner Robert Givone stated that this is the kind of bespoke capital solution Apollo Sports Capital was built to deliver. The transaction is expected to close imminently, involving legal counsel from Gibson Dunn and Paul, Weiss, Rifkind, Wharton & Garrison.