The NFL is on the verge of approving a framework that would allow private equity investment in its franchises, with the decision possibly coming before the start of the regular season. This long-anticipated policy shift has been under discussion for some time, with expectations that institutional investors would be permitted to acquire minority stakes in teams by the end of the year.
Initially, it was believed that the policy changes would be finalised during the owners' meetings in Atlanta on October 15–16. However, progress has accelerated, with key parameters, such as a 10% stake limit for private equity firms, already outlined. Consequently, a special meeting has been scheduled for August 27 in Minneapolis—just nine days before the 2024 season opener between the Ravens and Chiefs in Kansas City.
If team owners vote in favour of private equity investments at this meeting, franchises could see significant financial influxes by the end of the year.
No minority stake sales have been publicly disclosed since Josh Harris led a group that acquired the Commanders for $6.05 billion last summer. As part of that transaction, Harris and co-owner David Blitzer were required to divest their stake in the Steelers, a process that remains either ongoing or completed behind closed doors. Reports from February indicated that Harris and Blitzer were in advanced talks to sell their stake to an investor group led by Art Rooney and Thomas Tull.
Earlier this year, Bills owner Terry Pegula announced his exploration of selling a non-controlling, minority stake in the team. Eagles owner Jeffrey Lurie is also reportedly considering a minority stake sale, potentially valuing the franchise at $7.5 billion.
Dolphins owner Stephen Ross has been linked to various potential deals, including exploring a new limited partner last fall and entertaining a $10 billion offer for his sports assets this spring. Raiders owner Mark Davis continues his efforts to bring Tom Brady on as a minority owner, though private equity may not play a role in that specific deal.
Should the NFL approve its new private equity policies, many of these transactions—and others—could become much easier to finalise.