Falcons Valued at $10B in PE Deal

Morning Edition

August 21, 2026

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Private equity firm Arctos—which already owns stakes in the Chargers, Bills, and Browns—is buying a 10% stake in the Falcons. The deal values the franchise at $10.6 billion.

—Ben Horney

First Up

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Arctos Adds Stake in 4th NFL Team With Falcons Deal

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Private equity firm Arctos is adding a fourth NFL team to its portfolio through the reported purchase of a 10% stake in the Falcons. The deal values the franchise at $10.6 billion.

The agreement, first reported by CNBC, adds the Falcons to an Arctos portfolio that already includes the Chargers, Bills, and Browns.

Arctos, which is owned by KKR, will acquire the 10% stake in two stages, starting with a 7.5% stake, according to Sportico. A vote on the transaction is expected in October.

The deal means Arctos can buy stakes in only two more NFL teams, as the league caps the number of franchises a PE firm can invest in at six. The maximum-size stake a PE firm can buy in an individual team is 10%.

Falcons owner Arthur Blank owns a little under 73% of the Falcons, and it’s unclear whether he is selling any of his stake in the deal with Arctos.

Representatives for the NFL, Arctos, and KKR declined to comment. Representatives for the Falcons could not immediately be reached.

In August 2024, NFL owners voted 31–1 to approve the policy allowing PE firms to buy passive, minority stakes in teams. The Bengals were the only team to vote against the policy. Including the Falcons, six teams now have private equity investors; in addition to the four teams Arctos holds stakes in, Sixth Street Partners owns a 3% stake in the Patriots and Ares Management holds a 10% stake in the Dolphins.

The NFL has slow-walked its embrace of PE by permitting only a select group of firms to invest: In addition to Arctos, Sixth Street, and Ares, there’s an approved consortium consisting of Carlyle Group, Dynasty Equity, and Ludis, the latter of which was founded and is led by Pro Football Hall of Famer Curtis Martin.

The league’s 10% cap on PE investments differs from the other major U.S. leagues; the NBA, NHL, and MLS all cap a team’s collective private-equity ownership at 30%, while MLB caps it at 20%. Individual PE funds can buy up to 20% stakes in NBA, NHL, and MLS teams, and 15% in MLB teams.

Arctos owns more than just four NFL team stakes. Other minority investments it holds include stakes in the NBA’s Warriors, Jazz, and Kings; the NHL’s Lightning, Mammoth, Wild, Penguins, and Devils (through an investment in Harris Blitzer Sports & Entertainment); and MLB’s Giants, Astros, Padres, Dodgers, and Red Sox (through an investment in Fenway Sports Group). Its portfolio also includes stakes in the Premier Lacrosse League, college sports-focused consultancy firm Elevate, and soccer teams like Liverpool (through the Fenway Sports Group investment) and Paris Saint-Germain.

While many other private equity firms have launched dedicated sports divisions amid the rise of sports as an asset class, KKR became a powerhouse in one fell swoop when it acquired Arctos last year.

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ONE BIG FIG

Price Spike

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$288

That’s the average get-in price across the two main draw weeks of the US Open, according to TicketData. Prices are up 13% from the same point last year.

Carlos Alcaraz’s Thursday announcement that he will be competing in Queens did not have any immediate effect on ticket prices. The tournament’s main draw starts Aug. 30, while the qualifying week begins Aug. 24.

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Conference Competition

Jan 18, 2025; Atlanta, GA, USA; Greg McElroy during 2025 CFP National Championship Media Day at Georgia World Congress Center, Building A. Mandatory Credit: Kirby Lee-Imagn Images

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“I think it’s 100% justifiable and understandable.”

—ESPN’s Greg McElroy on the argument that the Big Ten has passed the SEC. The former Alabama quarterback spoke to Front Office Sports before college football season kicks off.

“I think the SEC is still deeper, but if you want to make the case that the Big Ten is stronger at the top, and therefore stronger overall, I can’t push back on that,” he said. “The schedules that the top three [Big Ten] teams are having to play are actually more difficult than they’ve been in recent years. So this year, probably more so than even the last three, you probably have a better argument for the Big Ten being the better league.”