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Sunday, July 6, 2025

PIF, Other Sovereign Wealth Funds Now Have Entry Point Into NFL

  • NFL ownership policies are changing with the introduction of private equity.
  • Only select firms will be allowed to invest at first.
Kirby Lee-USA TODAY Sports

As the NFL follows in the footsteps of other major U.S. sports leagues by allowing private equity ownership in its franchises, it’s going against the grain by not allowing sovereign wealth funds in on the party—sort of.

The league has approved a select list of private equity funds that can acquire up to 10% ownership of a team. And, for now at least, state-controlled entities like the Public Investment Fund of Saudi Arabia—the financial backer of LIV Golf—will not be allowed to directly pump cash into NFL clubs. 

However, the rules will not prohibit the PIF and others from being investors in a private equity fund that purchases an ownership stake in a team. A sovereign wealth fund will be allowed to own up to 7.5% of an entity that owns a maximum of 10% of an NFL club.

“I don’t think we looked at sovereign wealth any different than any other institutional investor like pensions, endowments,” said NFL EVP Joe Siclare. “We’re just taking a measured approach. … We’re not differentiating among types of investors [in the funds]. But we do have that [7.5%] sublimit. If you sort of do the math, you get down to a pretty de minimis level of ownership for any individual investor.”

Across the Country

The NBA, NHL, MLB, and MLS have no bans at all on franchises selling stakes to sovereign wealth funds. But so far, there has been just one transaction involving a foreign fund. 

Last year, the Qatar Investment Authority paid $200 million for a 5% stake in Monumental Sports & Entertainment, the parent company of the Capitals, Mystics, and Wizards. Monumental CEO Ted Leonsis predicted that his move, which brought sovereign wealth to the NBA, WNBA, and NHL, would start a trend. ​​“I believe other teams and other leagues will all be embracing pension funds, college endowments, university endowments, and sovereign wealth funds as investors, as a part of the tapestry of their investment base,” he said.

Beyond American Football

MLS commissioner Don Garber has previously said the league is open to sovereign wealth funds investing in clubs, as is commonplace among top European teams. The PIF owns Newcastle United, and Qatar Sports Investments (a separate entity from the QIA mentioned above) owns Paris Saint-Germain, for example. 

In MLS, though, New York City FC is owned by City Football Group, the multiclub portfolio that also owns Manchester City. CFG is owned by United Arab Emirates vice president Sheikh Mansour bin Zayed Al Nahyan, who is separately chairman of two UAE sovereign wealth funds.

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