00:00Why does a business this valuable need to raise $2.6 billion?
00:05So what does this deal tell us about the difference between being worth billions on paper
00:09and actually having capital available to run and grow the business?
00:13As I said, this is going to debt.
00:15And so because this isn't a public company, we can't see how much they are in debt.
00:19But obviously what Apollo is providing is going to provide some relief
00:24and then they'll get some equity in return.
00:26And I believe Apollo CEO Al Talis is going to be joining the Yankees board of directors.
00:32And so he'll have some sort of input.
00:34But private equity across sports are not control owners.
00:38And what that means is they're not going to be making decisions about rosters, free agencies.
00:43A lot of times they are just equity holders who stay on for a long time.
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