It's not yet known what Allen's estate will do with the NFL's Seattle Seahawks and the NBA's Portland Trail Blazers.
LionTree's founder is a UBS veteran who started the firm to work on tech, media and telecommunications deals.
Forbes says the team is worth $2.1 billion, which would value the minority stakes at more than $80 million each.
The price exceeds the $2 billion Steve Ballmer paid for the L.A. Clippers in 2014.
The club’s popularity in China may push the sale price past a record $2 billion.
The Yankees are worth about $3.7 billion, according to Forbes, about $1 billion more than the Los Angeles Dodgers.
The partnership collapsed after Jeter sought complete control of the franchise.
Quogue Capital founder Wayne Rothbaum has withdrawn his contribution to the bid, according to sources.
The winning bid was said to be $1.3 billion—an offer that is expected to win easy approval by the league's owners.
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