Key Takeaways
- • Apollo Global Management and Blackstone are in preliminary discussions with the NFL to become approved private equity investors eligible to acquire minority stakes in US football franchises, according to Bloomberg.
- • Approval is unlikely before 2027, and the firms may need to identify specific franchise investments before completing the approval process.
- • Apollo is pursuing the opportunity through Apollo Sports Capital, which was launched in 2025 and has invested or committed approximately $13bn across sports transactions.
- • Blackstone previously joined a consortium with CVC Capital Partners, Carlyle Group and Dynasty Equity Partners, but Blackstone and CVC subsequently withdrew and Blackstone is now seeking approval independently.
- • Rising franchise valuations underpin the interest, with the Seattle Seahawks recently sold for a record $9.6bn, above the roughly $6bn Washington Commanders sale in 2023.
Summary
Apollo Global Management and Blackstone are in preliminary discussions with the National Football League to become approved private equity investors eligible to acquire minority stakes in US football franchises, according to a report by Bloomberg. Both firms are reportedly seeking inclusion on the league's approved investor list. The process remains at an early stage, and approval is unlikely before 2027. The firms may also need to identify specific franchise investments before completing the approval process.
The NFL opened team ownership to institutional investors in 2024, allowing approved private equity firms to acquire minority interests in franchises. The arrangement gives team owners additional capital for stadium development and estate management.
Apollo is pursuing the opportunity through Apollo Sports Capital, its dedicated sports investment platform launched in 2025, which has invested or committed approximately $13bn across sports transactions. Blackstone previously participated in an approved investment consortium alongside CVC Capital Partners, Carlyle Group and Dynasty Equity Partners. Blackstone and CVC subsequently withdrew, and Blackstone is now seeking approval independently.
Other approved investors include Arctos Partners, Ares Management and Sixth Street, alongside the Carlyle-Dynasty partnership. Arctos has acquired stakes in four NFL franchises, including the Buffalo Bills and Los Angeles Chargers.
Institutional interest has intensified alongside rising franchise valuations. The Seattle Seahawks recently changed hands for a record $9.6bn, surpassing the approximately $6bn sale of the Washington Commanders in 2023.
The NFL opened team ownership to institutional investors in 2024, allowing approved private equity firms to acquire minority interests in franchises. The arrangement gives team owners additional capital for stadium development and estate management.
Apollo is pursuing the opportunity through Apollo Sports Capital, its dedicated sports investment platform launched in 2025, which has invested or committed approximately $13bn across sports transactions. Blackstone previously participated in an approved investment consortium alongside CVC Capital Partners, Carlyle Group and Dynasty Equity Partners. Blackstone and CVC subsequently withdrew, and Blackstone is now seeking approval independently.
Other approved investors include Arctos Partners, Ares Management and Sixth Street, alongside the Carlyle-Dynasty partnership. Arctos has acquired stakes in four NFL franchises, including the Buffalo Bills and Los Angeles Chargers.
Institutional interest has intensified alongside rising franchise valuations. The Seattle Seahawks recently changed hands for a record $9.6bn, surpassing the approximately $6bn sale of the Washington Commanders in 2023.
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