Sources: NFL owners to approve private equity investment - ESPN

EAGAN, Minn. — NFL owners are expected to vote to change the league's ownership structure Tuesday, allowing private equity firms to purchase limited stakes in NFL teams, according to ESPN's Adam Schefter and multiple reports.

The owners flew to Minnesota for a special session called by NFL commissioner Roger Goodell, where they are expected to approve allowing the sale of up to 10% of a stake in a franchise to a select number of private equity firms the league has vetted at over the past few months, according to ESPN's Adam Schefter and multiple reports.

A move to allow private equity firms to invest as limited partners could free up cash for owners to pursue projects such as stadium renovations and would represent a large shift in how the league has historically operated, with the majority of franchises traditionally run as family businesses with single-family ownership.

If the vote goes as expected, there is no requirement for NFL teams to take on private equity investment. That decision will still come on a club-by-club basis — and any potential deals would still need to be approved by the league's owners.

Rising valuations — the Denver Broncos sold for $4.65 billion in 2022 and the Washington Commanders for $6.05 billion in 2023 with a bevy of limited partners — helped the league look to investigate changes to its ownership structures. Limited partners typically have little to no decision-making power.

The vote is the culmination of almost a year's worth of work for a special committee formed by Goodell last fall to consider changes to the NFL's ownership structure, consisting of Atlanta Falcons owner Arthur Blank, New England Patriots owner Robert Kraft, Cleveland Browns owner Jimmy Haslam, Denver Broncos CEO Greg