NFL Season May Begin With New Private Equity Policies in Place

The NFL could approve the framework for private equity investment in franchises before the regular season starts, as owners and league officials continue to make progress on the long-awaited move.

It’s been expected that the NFL would change its ownership policies to allow institutional investors to buy minority team stakes by the end of this year. A logical time frame would have been the next owners meetings in Atlanta on Oct. 15–16. But with loose parameters like a 10% stake limit for private equity firms already in place, that process is being sped up. A special meeting has been called, according to multiple reports, in Minneapolis on Aug. 27—nine days before the Ravens and Chiefs kick off the 2024 season in Kansas City.

Should team owners decide to vote on private equity investment—and approve the motion, next week—franchises could start seeing major cash windfalls by the end of the year.

Moving the Chains

No minority franchise stake sales have been publicly announced since Josh Harris led a group that purchased the Commanders for $6.05 billion last summer. As part of that deal, Harris and fellow Washington co-owner David Blitzer were required to sell their stake in the Steelers. That process is either still ongoing, or was worked out behind closed doors. They were in “advanced talks” to sell their minority stake “to an existing investor group led by Art Rooney and Thomas Tull,” according to Bloomberg back in late February.

Earlier this year, Bills owner Terry Pegula announced he was exploring the potential sale of a non-controlling, minority stake in the team. Eagles owner Jeffrey Lurie is also said to be weighing a minority stake sale that could value Philadelphia at $7.5 billion, according to Bloomberg. 

Dolphins owner Stephen Ross has been linked to multiple potential deals. Last fall, he was reportedly exploring bringing on a new limited partner. And this spring ahead of the Formula One Miami Grand Prix at Hard Rock Stadium, Ross was said to have entertained a $10 billion offer for his sporting assets. 

Raiders owner Mark Davis is still trying to bring Tom Brady on as a minority owner, but private equity may not be part of that deal. If and when the NFL green-lights its new policies, though, most of the above deals—and more—could be a lot easier to complete.