The NFL is not expected to follow Major League Baseball and the NBA in expanding how much of a franchise can be owned by private equity—at least not anytime soon.
NFL team owners currently have no immediate plans to increase the league’s 10% private equity ownership limit, according to multiple sources familiar with the matter. While the limit could eventually be raised, owners reportedly see no pressing need to change the policy in the foreseeable future.
The decision highlights the NFL’s cautious approach to institutional investment even as franchise valuations continue to climb dramatically.
What Is the NFL’s Private Equity Ownership Limit?
Under current NFL rules, a franchise can sell a maximum of 10% of its ownership to approved private equity investors.
That 10% limit applies to the team as a whole, meaning a franchise cannot circumvent the rule by selling stakes to multiple private equity firms.
The NFL first opened the door to private equity investment in August 2024, when owners voted 31–1 to approve institutional minority ownership for the first time. The Cincinnati Bengals were the only franchise to vote against the measure.
The league had previously created an ownership policy committee in 2023 to study potential changes to its historically restrictive ownership structure.
NFL Not Following MLB and NBA—For Now
The NFL’s stance comes as other major American professional sports leagues have become more accommodating toward private equity.
MLB recently increased its private equity ownership limit from 15% to 20% per team for a single investment firm, bringing its policy closer to the NBA’s rules.
The NBA has also adjusted its policies to allow a private equity firm and executives associated with that firm to invest in the same franchise simultaneously.
Despite those changes, NFL owners reportedly have little appetite to increase their own 10% limit.
A future increase remains possible, but there is currently no urgency among owners to make a change.
The issue is also not expected to be a significant topic when NFL owners hold their next quarterly meeting in October in New York.
Why Are NFL Ownership Rules So Restrictive?
The NFL has traditionally maintained some of the strictest ownership requirements in professional sports.
Among the league’s major rules:
- A controlling owner must own at least 30% of the franchise.
- An ownership group can contain no more than 25 members.
- Ownership groups face a combined $1.5 billion borrowing limit when purchasing a franchise, including acquisition and operating debt limits.
- Public corporations cannot directly own NFL franchises.
- Sovereign wealth funds cannot directly own shares in NFL teams.
- Private equity ownership is limited to 10% of an individual franchise.
There is an important distinction involving sovereign wealth funds.
A sovereign wealth fund can invest in a private equity fund that subsequently purchases an NFL ownership stake. However, an individual investor—including a sovereign wealth fund—cannot represent more than 7.5% of that private equity fund.
How Many NFL Teams Can a Private Equity Firm Invest In?
An approved private equity fund can own minority stakes in as many as six NFL franchises.
The investment must generally be held for at least six years, limiting the ability of private equity firms to quickly buy and sell NFL stakes.
Private equity investors also do not receive voting rights through their minority team ownership.
That structure gives NFL franchises access to additional capital while maintaining control primarily with traditional ownership groups.
Which Private Equity Firms Can Invest in NFL Teams?
When the NFL approved private equity investment in 2024, its initial group of approved investors included Arctos Partners, Ares Management and Sixth Street Partners.
The league also approved a consortium that included Carlyle Group, Dynasty Equity and Ludis, an investment platform founded and led by Pro Football Hall of Fame running back Curtis Martin.
Blackstone and CVC Capital Partners were originally part of that consortium but are no longer participating.
Apollo Sports Capital, the sports investment arm associated with Apollo Global Management, is not currently among the NFL’s approved investors, although the firm has expressed interest in gaining access to NFL investments.
Private Equity Already Investing in NFL Franchises
Private equity has quickly become part of the NFL ownership landscape despite the league’s relatively low 10% ceiling.
Carlyle, Dynasty Equity and Sixth Street are among the minority investors involved with the Seattle Seahawks ownership group led by the family of venture capitalist Vinod Khosla.
Sixth Street reportedly owns approximately 3% of the Seahawks, while Carlyle and Dynasty Equity collectively own roughly another 3%.
NFL owners unanimously approved the Khosla group’s purchase of the Seahawks from the estate of late owner Paul G. Allen on Aug. 26, 2026.
The transaction valued the Seahawks at a league-record $9.612 billion.
Other NFL franchises that have sold ownership stakes to private equity include the New England Patriots, Los Angeles Chargers, Buffalo Bills, Cleveland Browns and Miami Dolphins.
Falcons Could Be Next NFL Team With Private Equity Investment
The Atlanta Falcons also have a pending transaction involving the sale of a 10% ownership stake to Arctos Partners.
That deal was not considered during the NFL owners meeting on Aug. 26 but could potentially come up for approval during the league’s October meeting.
A 10% investment would effectively use the Falcons’ entire allocation under the NFL’s current private equity ownership rules.
NFL Franchise Values Continue to Skyrocket
One reason private equity firms are increasingly interested in NFL franchises is the enormous growth in team valuations.
The average NFL franchise is now estimated to be worth approximately $9.5 billion, according to Forbes.
That’s a major increase from roughly $7.1 billion the previous year.
The Seahawks’ $9.612 billion transaction further illustrates how expensive NFL ownership has become.
As franchise valuations rise, finding individuals or family ownership groups capable of financing multibillion-dollar transactions becomes increasingly difficult. Private equity provides another source of capital without forcing the NFL to abandon its traditional controlling-owner model.
Could the NFL Increase Its Private Equity Limit in the Future?
Yes. The NFL’s 10% private equity limit is not necessarily permanent.
Owners could eventually vote to expand the amount of institutional investment permitted in franchises, particularly if valuations continue climbing and teams seek additional liquidity.
For now, however, NFL owners appear comfortable with the existing structure.
That means the league is expected to maintain its 10% private equity ceiling while observing how institutional investment affects team ownership, valuations and future franchise transactions.