In August of last year, FORTUNE ran an article saying that the YES Network was up for sale. As we detailed in A Deeper Look at the Possible YES Network Sale, the YES Network is not owned entirely by the Yankees. It is owned collectively by the Yankees, the investment bank Goldman Sachs, Providence Equity and the former owner of the New Jersey Nets, Ray Chambers.

At the time, Goldman Sachs tested the waters to see if there might be interest in selling their share of the mega-RSN. Rather than looking to sell, it seems that it was testing the market to define value. As reported in today's Sports Business Journal (subscription required), the sale of YES isn't in the offing, or at least anytime soon:

The New York-area regional sports network is preparing a $1.05 billion debt sale that will fund the buyout of the channel’s first chairman, Leo Hindery, and his management team. The deal also will pay dividends to remaining investors, sources said, with the bulk of the proceeds, $800 million, refinancing existing debt.

The move suggests that Goldman Sachs and Providence Equity are not planning to exit YES or force a sale of the channel — at least, not yet. The two equity investors own 40 percent of the channel and have been rumored to be looking to cash out for the past several years. The New York Yankees control most of the remainder of the channel, while a group headed by former New Jersey Nets owner Ray Chambers holds a small stake.

“The business isn’t for sale,” said an industry executive with knowledge of the deal. “The Yankees and the private equity guys are in this business for the long term.”

It has been reported that YES is worth approximatly $3 billion.

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Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is contributor to Baseball Prospectus, and is available as a freelance writer.

Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

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