Yankee Global Enterprises

Yankee Global Enterprises, LLC

Company type	Private
Industry	Sports management, media
Founded	1999
Founder	George Steinbrenner
Headquarters	New York City , United States
Area served	United States, international
Key people	Hal Steinbrenner (Chairman)
Products	New York Yankees, YES Network, ownership stakes in New York City FC and AC Milan
Owner	Steinbrenner family (majority), Lester Crown, Jerry Speyer, Marvin Goldklang (minority shareholders)

Yankee Global Enterprises, LLC, previously known as YankeeNets, LLC, is a privately held American corporation that owns the New York Yankees baseball franchise, holds a majority interest in the YES Network, and possesses 10% ownership stakes in both the New York City FC and AC Milan soccer teams. Established in 1999, the company remains under the control of the Steinbrenner family, with its founder George Steinbrenner at the helm. Minority shareholders include Lester Crown, Jerry Speyer, and Marvin Goldklang.

The enterprise began as YankeeNets, formed through the merger of the Yankees and the New Jersey Nets (now the Brooklyn Nets), reflecting an early strategy to unify sports franchises and media assets within a single organizational framework.

History

In 1998, the New York Yankees set a record with 125 combined victories during the regular season and playoffs, culminating in a World Series title. Around this time, negotiations took place regarding a potential sale of the team to Cablevision, which controlled broadcast rights for several major New York sports franchises. However, this transaction fell through due to disputes over management authority—particularly concerning George Steinbrenner’s involvement—and Cablevision’s ownership interests in competing teams.

After the unsuccessful sale attempt, the Yankees and New Jersey Nets combined their business operations to enhance leverage in upcoming television contract discussions and venue negotiations. With local broadcast rights for both franchises nearing expiration, they explored creating a joint regional sports network. Steinbrenner pursued launching a dedicated cable channel, while Nets owner Lewis Katz concentrated on arena development projects. The ownership arrangement allowed each party to maintain control over its respective team while holding minority shares in the other; this structure received approval from both MLB and NBA.

In 1999, Harvey Schiller was named chairman and CEO. When the New Jersey Devils became available for purchase, Katz and Ray Chambers established Puck Holdings to acquire the NHL franchise for $175 million, as YankeeNets lacked sufficient capacity for additional debt financing. Bonds were issued in 2000 to fund Steinbrenner’s share of the Yankees.

With expiring television contracts looming, YankeeNets negotiated collectively with cable providers such as Cablevision. By 2001, after settling legal disputes and termination fees, they launched the Yankees Entertainment and Sports Network (YES Network), which included 40% ownership by external investors.

Nonetheless, internal disagreements emerged concerning team management, player contracts, and financial obligations—most notably Steinbrenner’s refusal to cover losses incurred by the Devils. In December 2003, this led to dissolution of the partnership: Nets owners sold their team and divested their Yankees shares. The YES Network remained under control of the original proprietors. After executing a reverse stock swap in 2004, the Nets were sold to Brooklyn Basketball LLC led by Bruce Ratner, while Katz and Chambers retained a 38% interest in Puck Holdings.

Yankee Global Enterprises

Following the exit of the Nets and Devils in 2004, the company rebranded as Yankee Global Enterprises LLC, continuing ownership of both the Yankees and YES Network as distinct entities. In June 2005, George Steinbrenner appointed his son-in-law, Steve Swindal, as chairman and designated successor for the Yankees. After Swindal’s divorce from Jennifer Steinbrenner in 2007, his stake was bought out by the Yankees organization, with Hal Steinbrenner assuming chairmanship.

In 2008, Legends Hospitality Management—a joint venture equally owned by the Yankees and Dallas Cowboys alongside Goldman Sachs and CIC Partners—secured concession rights at Yankee Stadium, marking an expansion into stadium hospitality operations.

In November 2012, News Corporation acquired a 49% share of YES Network, reducing Yankee Global’s ownership to 25%, while securing broadcast rights through 2041. By March 2014, Fox Sports increased its stake to 32%, leaving Yankee Global with a 20% holding but retaining an option to repurchase YES should Fox decide to divest.

Following Disney’s acquisition of most assets from 21st Century Fox in 2018—which required divestiture of Fox’s regional sports networks due to antitrust regulations—Yankee Global moved to reclaim controlling interest in YES Network. The Department of Justice approved Disney’s transaction with these conditions in June 2018. Subsequently, on March 8, 2019, Yankee Global announced it would reacquire majority ownership of YES Network for $3.47 billion.

Broadening its international reach on August 30, 2022, Yankee Global Enterprises purchased a 10% stake in Italian soccer club AC Milan, partnering with RedBird Capital Partners to diversify its portfolio within global sports investments.

See also

• Steinbrenner family