Major League Baseball's (MLB) iconic New York Yankees are reportedly in talks with the Apollo Global Management asset management firm to raise $3 billion in financing.
The story was first reported by the Wall Street Journal (WSJ), which claims discussions are ongoing for a deal in the $3 billion range, as well as a potential equity stake.
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Citing people familiar with the matter, the outlet said the agreement could potentially be reached soon.
The Yankees have been owned by the same family, the Steinbrenners, since 1973, and are one of the most valuable sports franchises globally.
Hal Steinbrenner has been the franchise's chair since 2007.
The team's most recent MLB World Series championship came in 2009 – in total, they have won 27 World Series, an MLB record.
Their Yankee Global Enterprises arm also has stakes in Italian soccer heavyweights AC Milan, as well as in New York City FC of Major League Soccer.
Apollo, meanwhile, launched its Apollo Sports Capital branch last year, and also bought a majority stake in Spanish soccer's Atletico Madrid in 2025.
The last few days have also seen the Yankees unveil a tie-up with Lumen Technologies.
That agreement sees the telecoms firm power the organization's communications networks, connecting Yankee Stadium with the baseball team's facilities in Tampa, Florida, for example.
Lumen has now relocated the team's data center from Yankee Stadium in New York City to Tampa.
Ryan Asdourian, Lumen Technologies' chief strategy and marketing officer, commented: "The Yankees understand that success today depends not just on what happens on the field, but on the systems behind every decision, every play, and every fan interaction. We're proud to give them a network that holds up under pressure and scales with their ambition."
The Yankees currently sit second in the five-team American League East MLB division, about halfway through the 2026 MLB campaign, having won 54 and lost 42 games.
Elsewhere, MLB itself has brought in the Firehouse Subs restaurant chain as a new commercial partner.
Firehouse Subs, through a multi-year agreement unveiled today, becomes the official sub of the 30-team league, across both the US and Canada.
This tie-up represents the first deal covering a national sports league in Firehouse Subs' history, and comes as the 2026 MLB campaign enters its second half.
Specifically, Firehouse Subs will serve as official partner of the MLB Play Ball initiative, and as presenting partner of the MLB Pitch, Hit, & Run youth-focused baseball engagement program.
Uzma Dawn Dowler, chief marketing officer and senior vice president of global corporate partnerships at MLB, commented: "This new partnership with Firehouse Subs highlights some of the most important efforts that MLB undertakes outside our ballparks and some of the most exciting moments that take place on our diamonds.
"Firehouse is sliding into our partnership headfirst, and we can't wait to see it come to life across MLB's robust media platforms."
Carolina Berti, Firehouse Subs' chief marketing officer, added: "We weren't looking for just any sports partnership; we were looking for the right one. Baseball is that partner: a sport built on community, and a brand built to serve one."
Late last month, MLB extended its partnerships with both the MGM Resorts International global hospitality and entertainment company and the BetMGM sports betting brand.
These distinct brands will continue as gaming and sports betting partners of the 30-team league, while MGM Resorts also carries on as MLB's "exclusive integrated resort and casino partner."
