Apollo Global Management and Blackstone are in preliminary discussions with the National Football League (NFL) 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, although 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 and providing team owners with 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, although Blackstone and CVC subsequently withdrew. The firm 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, with the Seattle Seahawks recently changing hands for a record $9.6bn, surpassing the approximately $6bn sale of the Washington Commanders in 2023.
