STORY: The owners of the NFL have voted to allow some private equity funds to invest in teams.
Among the firms approved are Ares Management, and a consortium including major investors like Blackstone and Carlyle.
They’ll be allowed to buy stakes of up to 10% in a team.
A Reuters source says the firms plan to invest a total of $12 billion, and can invest in up to six NFL teams each.
The move brings football into line with other sports in North America and overseas.
Major League Baseball and the NBA both allow private equity funds to own up to 30% of a team.
The NFL last year formed a committee to look into changing ownership rules.
In March, Commissioner Roger Goodell said the league was very close to outlining a new approach.
The Washington Commanders is the most recent NFL team to be sold, in a record-breaking deal valued at over $6 billion.
Dallas-based fund Arctos Partners says the new vote makes it the only firm with assent to invest in all five of America’s top sporting leagues.
