Thread by @mdbergman36

#Yankees #Finance Hal (ultimately via Yankees Global Enterprises holdco that owns the team, YES stake etc.) is indeed getting paid some. But don’t confuse SIxth Street’s $50bn AUM as bearing on price. Deal values Legends at $1.35bn. Yanks will own 24.5% after close. BUT (1/5)

https://twitter.com/darrenrovell/status/1349007341623107598

#Yankees NB, in 2017, New Mountain Capital bought ~33% of Legends (biz was then valued at $700mm, so man valuation has risen). New Mountain is being taken out in this deal, so ~$455mm goes to them, ~$233mm split roughly evenly between Yanks/Cowboys (2/5)

#Yankees (my understanding & all reports I see suggests Yankees/Cowboys stake is evenly split). So you’re looking at prob ~$116.5mm cash consideration when deal closes & Yankees Global Enterprises keeps large minority stake in what’s been high growing, cash cow biz (3/5)

#Yankees reports I’ve seen suggest initial continuity of Legends mgmt mean, but deal strikes me as wise in sense that Sixth Street is better equipped to steer growth & maximize the profits. (4/5)

#Yankees #Finance Sale timing interests me - obv w pandemic, hospitality has had better runs - but the nearly doubled valuation since ‘17 is compelling. See report below (5/5)

google.com/amp/s/sports.y…