YES Network’s $1B-Plus Loan A Sign Of Financial Well Being
YES Network is “borrowing more than $1[B], about a quarter of which will
be distributed to its partners,” including the Yankees and Goldman Sachs,
according to sources cited by Daniel Kaplan of SPORTSBUSINESS JOURNAL. The deal,
which is being led by Bank of America and GE Capital Credit, will “mark
the second hefty distribution in two years to partners” of YES, a sign that
the net is “generating significant returns.” It also “suggests
that Goldman and fellow investor Providence Equity Partners are unlikely to cash
out anytime soon, despite speculation to the contrary in recent years.”
Sports investment banker Robert Caporale said YES “must be generating pretty
significant cash flow if they can do this type of financing and distribute money
out.” Kaplan notes the Yankees are “believed to be losing money,”
but the team’s losses are “outweighed by YES” (SPORTSBUSINESS
JOURNAL, 4/23 issue).
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