NFL owners voted their carefully crafted approval on Tuesday to private equity investors in their teams, putting in place a new rule that lets certain league-sanctioned firms buy up a stake of up to 10% in the 32 franchises that are steadily soaring in value.
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At a special meeting in Minnesota, nine days before the regular-season opener, the owners enacted their first such guideline after previously prohibiting the practice.
The other major American sports leagues allow up to 30% purchases by private equity investors.
The NFL with this vote permitted four different funds, after initiating a study of the concept five years ago.
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Since then, the Denver Broncos ($4.65 billion) and Washington Commanders ($6.05 billion) have sold, further illustrating the opportunity for current owners to liquify portions of their teams and the need for prospective owners to find cash boosts for such expensive and complicated transactions.
