Blackstone and CVC Capital Partners have exited a private equity consortium that had secured preliminary clearance from the National Football League (NFL) to acquire minority stakes in franchises, according to a report by Bloomberg citing sources familiar with the matter.
The group, which also included Carlyle Group, Dynasty Equity, and former NFL player Curtis Martin, was among four investment syndicates granted initial approval last year to pursue non-controlling 10% interests in NFL teams – a historic shift for the league, which only recently opened up club equity to institutional investors.
According to sources, the separation was amicable, with Blackstone and CVC unable to align on a viable path to final approval under the NFL’s ownership and governance framework. Both firms are expected to continue evaluating direct and indirect exposure to the US professional football ecosystem and may re-engage with the consortium in the future.
The NFL formally notified its clubs this week that Carlyle and Dynasty are nearing completion of the fund structures required to acquire minority stakes in franchises, according to a league memo seen by Bloomberg.
The NFL had previously approved three other private equity-led groups for minority franchise investment: Arctos Partners, Ares Management, and Sixth Street Partners.
Separately, NFL owners ratified the sale of a 6.2% stake in the San Francisco 49ers to three investor groups at an $8.5bn valuation – marking the highest valuation ever for a professional sports franchise. The new limited partners include billionaire Vinod Khosla, as well as family offices connected to Byron Deeter (Bessemer Venture Partners) and Will Griffith (Iconiq Growth).
Additional transactions approved at this week’s owners meeting included Arctos Partners’ acquisition of an 8% stake in the Los Angeles Chargers – its second NFL investment within six months– and a 0.1% equity interest in the Cleveland Browns acquired by former NFL All-Pro Charles Woodson.
In parallel to these ownership shifts, the NFL is continuing to diversify its portfolio of growth initiatives. Owners formally approved player participation in flag football for the 2028 Olympics and are reviewing the launch of both men’s and women’s professional flag football leagues, potentially debuting as early as 2026.
