Source: SportsPro
The National Football League (NFL) may soon open the door to larger private equity investments in its franchises, according to commissioner Roger Goodell.
Speaking at The Summit during Leaders Week London 2025, Goodell revealed that while the league only began allowing private equity ownership last year—with a cap set at 10% per franchise—there is potential for that ceiling to be raised in the future.
“We were the last of the [major North American sports] leagues to bring private equity into our ownership policies,” Goodell said. “It’s been incredibly successful for us. It’s really there to give our teams an opportunity for liquidity, but it’s also brought in a different perspective of the business of sport and the potential for growth.
“Will there be discussions about going above ten per cent? Maybe someday, but I think for right now, it’s working quite well. We’re still just a year into it, so I think we’ll learn a little bit more, and then we’ll decide.”
Private Equity in the NFL: A New Era
The NFL had long resisted private equity involvement, unlike the NBA, MLB, and NHL, which have already integrated PE firms into ownership structures. That changed in 2024 when owners approved minority investments of up to 10% per team, provided they remain passive stakes with no decision-making rights.
Several teams have already embraced the model:
- Arctos Partners purchased stakes in the Buffalo Bills and Los Angeles Chargers.
- Ares Management acquired part of the Miami Dolphins.
- Sixth Street is reported to have agreed to acquire a 3% stake in the New England Patriots, valuing the team at more than US$9 billion.
These transactions reflect both the rising valuations of NFL franchises and the growing demand for liquidity options among owners who may not wish to sell control but still want to realize gains on their assets.
Why It Matters?
Allowing PE firms into ownership gives teams greater financial flexibility, enabling capital inflows for stadium projects, digital initiatives, and community expansion without requiring full ownership changes. At the same time, firms gain access to one of the world’s most profitable and stable sports ecosystems, where franchise values continue to climb.
Should the NFL eventually lift the cap beyond 10%, it could fundamentally reshape the ownership landscape, making institutional capital a permanent fixture in the league’s growth strategy.
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