Apollo与纽约扬基达成26亿美元融资协议

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Really cool story today out in the business of sports. This is another example of private equity or institutional capital in general uh investing in a professional sports in this one. It's Apollo uh inks a $2.6 billion financing deal with the New York Yankees. How about that? Randle Williams, Bloomberg business of sports reporter joins us here. Um seems like a big number. What what do we know about this investment?

Well, the money is going to go. It's a mix of debt and equity. Now, the exact split isn't known, but you have to wonder what the valuation of of this is because of the fact that MLB rules permit private equity firms to own up to 15%. So, if this is a let's say that it's half of equity, so $1.3 billion and it's 10%. That's a $13 billion valuation. Now, of course, I'm just doing that math off the top.

Nice math for a reporter likely for a journalist. That's like bank. But, uh, we don't know. We don't know. This could be 15 billion. It could be 16. It could be lower. We don't know.

But at the end of the day, the Stein Brener family still in control here of the New York Yankees.

Very much in control. Uh private equity across sports is not they're not decision makers. They are cash providers for liquidity, for debt, for stadium financing, for all of those issues. That's what private equity is in sports for for now. I guess what I've learned over my career just just looking at the business of sports,

it's great to it's a great vehicle, investment vehicle to create value over time.

Uh you buy your franchise today at X, you sell it in 20 years for 2x, 3x, 4x, whatever. It's a great return. It's not a good cash flowing investment. So this so these types of deals, they give some liquidity to the family or whoever owns it. Well, you have to wonder the timing of this deal is somewhat interesting because of the fact that the MLBCA negotiations are currently ongoing. They're not

expect people are saying there's going to be a strike, right?

Exactly. A strike or a lockout one, probably a lockout more so than a strike. But in all likelihood, if that happens come March, there won't be a season. Teams won't be getting that revenue and so maybe this money goes towards that. It all of those possibilities come to mind. But in terms of what you're saying about uh you know this being low cash flow, the real question that remains to be seen across sports is how private equity exits these sports teams because the valuations as we've all said dozens and dozens of times they continue to rise.

So who buys this stake if it's a $2.6 billion deal? What happens when this is $6 billion value? Who's the person that raises their hand

to the New York Knicks, right? and the New York Rangers. Where do things stand with those spin-offs from

I think they're still in progress based on, you know, what we've last heard, but of course, James Dolan has said these these franchises are continuing to rise in value. This would potentially unlock some of that. You have to wonder what either one of these things would sell for. And what billionaire is going to raise their hand to buy something that could potentially be worth $15 billion? And we were you were explaining to me just earlier in this during the surveillance show um this isn't the first time private equity I mean we're starting to see this more and more aren't we?

Where private equity or just institutional money

is is out there.

And I think the reason for that is because there's just not a lot of people who want to it's just not a lot of people who want to own 10% of something but put a billion dollars into it and the only thing that they get is to raise their hand and say I'm an owner and they might get a sweet

the cool factor. Right.

Right. and and they they might get a sweet ticket from time to time that they can already afford. A billionaire who gets equity, the the perks that come with that just aren't that great. Whereas private equity, generally speaking, is not going to be concerned with flying around the team playing and being in a locker room and all the things that maybe

and I think I read that it's this is the largest investment Apollo has made in terms of a sports team.

I would say it's one of the largest investments across private equity in sports that I've seen. The number $2.6 6 billion is humongous. Um,

what about just the fan hearing this? A New York Yankees fan goes, "Oh boy, now private equity digging their heels in deeper with the New York Yankees." I mean, what might they expect? Any any changes at all? I I I highly doubt ticket prices are going to come down.

Oh, no. Yankees prices are are never going to come down, especially you you take something away, a potential lockout games away, as soon as it comes back, the prices are going to rise. I I wonder from a free agency standpoint, you know, a lot of times these things are put in escrow and then they're paid out over time and and so I wonder if that affects how they're managing their payroll, not only within the team and salary, but also owners and and executives and all those sorts of things.

So, it's all top of mind.

And Randall, there's no indication that the Yankees and the Steinbrunners need this money, is there?

They're the most valuable team in baseball. Nobody needs any money and so you need it the way that they're saying it. They're saying it's going to debt. Um but these are not public deals. So we don't know how much they're in.

It's so funny though because it sounds like they want to be a leaner machine. It makes you wonder if they're setting themselves up to uh

to you know go public. Dare we say it?

Uh I think it I think sports teams could there's a future for that. U but we're not I don't know that any league is looking at that and formatting it right now. Yeah, I think I think there I think it's probably what's happening is obviously they lot many of the leagues you mentioned have allowed institutional money to come into these you know so like private equity because there's not many it used to be a toy for millionaires

right

and then it became a toy for billionaires Steve Cohen

yes

and now a lot of these major sports leagues you got to be institutional

last thing I say is what I expect to happen is the private equity cap across leagues to increase per firm so individually in the NBA it's 20% % in baseball is 15. In the NFL, it's 10. I expect the NFL to maybe move to 15 and so on and so forth.

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Let's get right to Ed Ledllo. He's a Bloomberg tech co-host. He's out there uh in Silicon Valley. We don't know what the heck he's doing out there. We have great offices out there in San Francisco, by the way. Ed, there are literally countless number of techreated headlines that we could talk to you about today, but I'm just going to go to the biggest number I can find, and that is US investment giants including Apollo, Blackstone, Black Rockck, Brookfield Asset Management are partnering with Nvidia Corp., another name drop to source $500 billion in financing for artificial intelligent infrastructure.

Can you explain what's going on? I don't know what it means to source $500 billion in financing.

Well, to source $500 billion is to go to those big Wall Street firms, investment managers, and say, "Find us the capital. Find the investors." And we don't know the pr

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