It’s been two months since the NFL cleared the way for private equity firms to buy up to a 10% stake in teams.
So far, four teams have explored selling minority stakes to one of the league’s approved firms, which include Arctos Partners, Ares Management, Sixth Street Partners, Dynasty Equity, Blackstone, Carlyle Group, and CVC Capital Partners.
Only a handful of companies and families can afford to own a professional sports franchise, let alone an NFL team, which are considered the most valuable. Private equity firms regularly have the available capital to help contribute to payroll, stadium upgrades and other demands owning a team creates.
Here’s where every team that’s looking into a private equity investment stands as of Oct. 31:
Buffalo Bills: The Bills are reportedly in talks with Arctos for a minority stake after team owner Terry Pegula retained investment bank Allen & Company in the spring to explore a sale for a non-controlling share of the team.
Los Angeles Chargers: The Chargers recently sold a minority stake (27%) in the franchise to Detroit Pistons owner Tom Gores. (Gores is CEO and founder of private equity firm Platinum, though it wasn’t part of the transaction.) Gores paid $750 million for his stake, which values the Chargers at more than $4 billion.
Miami Dolphins: The Dolphins and team owner Stephen Ross have been exploring a minority sale of the franchise for months after turning down a controlling offer for the team in May worth $10 billion, which included Hard Rock Stadium, where the Dolphins play, and control of the Formula One Miami Grand Prix. It is not known who made the offer. Ross wants to keep the franchise within his family. In early October, it was reported Ross has been in talks with Ares Management for a 10% stake, with Brooklyn Nets and New York Liberty owner Joe Tsai getting 3% of the franchise as well.
Philadelphia Eagles: Jeffrey Lurie has also been exploring a minority sale in his franchise for months and after considering private equity, he appears to have gone a different route. On Wednesday, Bloomberg reported Lurie is in talks to sell a stake to Susan Y. Kim, the eventual successor to Amkor Technologies, a semiconductor packaging company, in a deal that values the franchise at more than $8 billion.
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