Yankees Won't Be Sold Despite Recent $2.6B Financing Deal, Hal Steinbrenner Says

While the New York Yankees may have turned heads with a $2.6 billion financing deal from a private equity firm, team owner Hal Steinbrenner insisted it is not a signal the team will be sold in the coming years.

"It's not a precursor to fully selling the team," he said Wednesday when discussing the deal with Apollo Global Management, per Brendan Kuty of The Athletic. Instead, he said it was to provide "financial stability for years and years to come … including the year when I'm out of here and the third generation is running the team."

Last month, the New York Post reported the Yankees were valued at "significantly more than $12 billion" with the $2.6 billion cash injection, which is notable since the Los Angeles Lakers previously sold for a North American sports record at a $12.5 billion valuation.

Kuty reported the deal gives Apollo 16 percent ownership of the team, which comes in under the maximum amount of 20 percent that private equity is permitted to own according to MLB rules.

Despite the significance of the deal, Steinbrenner said Apollo has "zero" say in the team's daily operations and will "have rights no different than our other limited partners."

The valuation of the Yankees at such a high number could give Steinbrenner the opportunity to make a record profit if he did decide to sell the team in full, but his latest comments suggest he plans to keep it in the family for multiple generations.

Steinbrenner's father, George, purchased the Yankees in 1973 for $10 million, so the franchise has been in the family for more than 50 years.

New York has won seven World Series since 1973, although its most recent championship came 16 years ago in 2009. That may not seem like a long time for some franchises, but it is an eternity for the 27-ring Yankees.

They have come close of late having made the playoffs in nine of the last 10 years and the World Series in 2024, but this generation of pinstripes is yet to break through and reach MLB's mountaintop.

It seems like it will be up to the Steinbrenner family for the foreseeable future to put together a team that can change that.