Apollo与洋基达成26亿美元融资协议
Apollo Inks $2.6 Billion Financing Deal With the Yankees
So the valuation. Randall, how to read us? Um, you tell me. Well, they didn't disclose the valuation, and I think that is something that everyone has questions about. Private equity firms are permitted to invest up to 15% into a club, but $2.6 billion is a lot of money. Of course, this is going to be a mix of debt and equity. But they didn't say a number. But I mean, just speculating. It has to be over $13 billion just off of the sheer strength of of how high that number is.
那么估值呢。兰德尔，你怎么看我们？嗯，你告诉我。嗯，他们没有透露估值，我认为这是每个人都想问的问题。私募股权公司被允许向俱乐部投资最多15%，但26亿美元是一大笔钱。当然，这将是债务和股权的混合。但他们没有说数字。但我的意思是，只是猜测。仅凭这个数字有多高，就必须超过130亿美元。
We're going to watch this happening now. I think there's a question a lot of people are going to ask. And I think a lot of people would think of the Yankees as like iron clad Bran, known throughout the world, sells a lot of apparel tickets as well. Is there a need for this kind of investment, the club right now? I think they saw one. And if you think about the MLB calendar as it sits right now, the Yankees will likely go to the playoffs.
我们现在要关注这件事。我认为很多人会问一个问题。我认为很多人会认为洋基队就像铁板一块的品牌，闻名世界，也卖很多服装和门票。俱乐部现在需要这种投资吗？我认为他们看到了需要。如果你看看现在美国职业棒球大联盟的赛程，洋基队很可能会进入季后赛。
But there are questions surrounding whether there will be an MLB season at all next year. Of course, the players union and the MLB will be collectively bargaining. With the issue being a salary cap versus no salary cap, and whether the players and owners can come to terms on that in time for next year's season. And everybody that I speak to says it isn't likely. And so from that perspective, now you're losing money on games.
但围绕明年是否会有美国职业棒球大联盟赛季存在疑问。当然，球员联盟和美国职业棒球大联盟将进行集体谈判。问题是工资帽与无工资帽，以及球员和老板能否及时就此事达成一致，以赶上明年的赛季。我交谈过的每个人都说这不太可能。所以从这个角度来看，你现在在比赛上亏钱。
There's 81 home games a year and teams alongside the Yankees will be losing that. We had a screen up there of the various firms that have been investing in sports, and obviously franchises values just seem to be going higher and higher and higher. This is a little bit of a different kind of a deal, though. What other clubs might be interested and might be attractive enough to do a deal like this with. I think that for Apollo, which also has investments in Wrexham, it also and Athletico Madrid.
每年有81场主场比赛，洋基队等球队将失去这些比赛。我们屏幕上显示了各种投资于体育的公司，显然球队的价值似乎越来越高。不过，这是一笔有点不同的交易。其他哪些俱乐部可能感兴趣，并且有足够的吸引力来做这样的交易？我认为对于阿波罗来说，它也投资了雷克瑟姆，也投资了马德里竞技。
The question really, it sits with owners as to whether they want to have private equity dollars in their, their capital room, and there's also other ways to raise money. They can have conversations with limited partners and, you know, billionaires who just want 5%, 3%, 10% and, you know, sometimes 15. But the reality is private equity has the deepest pockets. But they also want a return at some point. And so how long are they going to sit at that table before they say, hey, you know what?
真正的问题在于，老板们是否希望私募股权资金进入他们的资本空间，而且还有其他筹集资金的方式。他们可以与有限合伙人以及那些只想要5%、3%、10%，有时15%的亿万富翁进行对话。但现实是私募股权拥有最雄厚的资金。但他们也想要在某个时候获得回报。那么他们会在谈判桌上坐多久，然后说，嘿，你知道吗？
This franchise value has risen long enough. And we want to just ask you lastly about that cap. So there's like that 15% threshold. Private equity can be at uh in baseball across leagues. Is there any movement to raise that. How's the environment kind of changing when it comes to the appetite for private baseball? Right in the middle of the NFL is at ten, which is in the most restrictive, and then NBA's at 20 per firm and then the same 30 cap per franchise.
这个特许经营权价值已经上涨了很长时间。我们最后想问问你关于那个上限的问题。所以有大约15%的门槛。私募股权在棒球界可以跨联盟存在。有没有什么动向要提高这个上限？环境在如何变化，关于对私募棒球的兴趣？正好在NFL是10%，这是最严格的，然后NBA是每家公司20%，以及同样的每支球队30%的上限。
And so I think baseball is fine with where it's at right now. They've seen a lot of private equity deals, and right now none of them have gone south. And so they'll sit with that for a little bit. But what remains to be seen across sports is the exiting. There have been few exits, I want to say maybe 2 or 3 tops, but over time that's going to change. And as we've said multiple times, franchise values are continuing to rise.
所以我认为棒球对目前的状况感到满意。他们已经看到了很多私募股权交易，目前没有一笔失败。所以他们会暂时保持现状。但在体育界，有待观察的是退出机制。退出很少，我想说最多只有2到3次，但随着时间的推移，这将会改变。而且正如我们多次说过的，特许经营权价值持续上涨。
So what happens when that 10% stake that you bought in at $800 million is now worth $2.5 billion, and no one's going to buy it? There must be a lot of activity around the next right now, is there? There are probably dozens of people who want to buy a piece of the next. But James Dolan has said he's not selling. All right, all right.
那么当你以8亿美元买入的10%股份现在价值25亿美元，却没有人会买，会发生什么？现在关于尼克斯队一定有很多活动，是吗？可能有几十个人想买尼克斯队的一部分。但詹姆斯·多兰说过他不卖。好吧，好吧。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力