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August 18, 2024 at 07:25 AM
The National Football League plans to meet in Minneapolis on Aug. 27 to discuss and potentially vote on allowing institutional investors to buy into teams.
The league held meetings with multiple private equity firms this week in the hopes of completing a framework to present to owners, people with knowledge of the matter said.
After those meetings, league executives and owners feel confident enough to present a potential framework to other owners.
The NFL formed a committee last year to study how the league might allow private equity firms to buy into teams.
The group consists of its chair, Kansas City Chiefs CEO Clark Hunt, Atlanta Falcons’ owner Arthur Blank, Cleveland Browns’ owner Jimmy Haslam, Denver Broncos’ owner and CEO Greg Penner and New England Patriots’ owner Robert Kraft.
Bloomberg reported in May the owners were zeroing-in on allowing institutional investors to be able to buy 10% of clubs. Some owners would like the cap at 5%.
The league’s owners would also select a small group of vetted firms to have the first opportunity to purchase stakes.
