Apollo Global Management (APO) is close to securing a 16% stake in the New York Yankees through a $2.6 billion debt and equity investment valuing the franchise at over $12 billion, the New York Post reported Sunday, citing people close to the deal.

Apollo would initially acquire an 8% stake with cash and receive preferred stock representing another 8%, which could convert into common equity after four years, according to the report.

The transaction positions the firm to be the team's largest shareholder behind the Steinbrenner family, which will retain a controlling interest above 60%, the news outlet reported.

Al Tylis, head of Apollo's sports fund, will join the board of Yankee Global Enterprises after the agreement closes, according to the report.

Apollo Global Management and the New York Yankees did not immediately respond to MT Newswires' request for comment.

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