The NFL held a series of meetings with major private equity firms including Arctos Partners, Carlyle, Blackstone, and CVC at its headquarters on Thursday as the league moves forward with plans to potentially allow institutional investments, according to a report by Sportico.
The report cites unnamed sources familiar with the matter as conforming that among those present from the NFL were Commissioner Roger Goodell, finance executive Joe Siclare, CFO Christine Dorfler, and league attorneys Jeffrey Pash and Jay Bauman. Representatives from PJT Partners, the firm hired by the NFL to assist with the process, also attended.
The NFL committee formed last year to explore changes to the league’s financial structure, which includes Kansas City Chiefs owner Clark Hunt, chairman of the NFL’s finance committee, as well as Cleveland Browns owner Jimmy Haslam, Atlanta Falcons owner Arthur Blank, New England Patriots owner Robert Kraft, and Denver Broncos owner Greg Penner, also participated via Zoom.
During the meetings, the PE firms presented their credentials, outlined their plans, and made the case for why private equity would be a beneficial fit for the NFL. The NFL representatives asked high-level questions but did not provide any specific direction on the next steps.
Both the NFL and the private equity firms declined to comment on the meetings.
The NFL’s private equity committee is currently addressing several key issues, including the size of the investments that would be permitted and whether the firms would need to raise NFL-specific funds. Once these matters are resolved, the league will draft a policy and present it for a vote by the full ownership group.
The NFL remains the only major US sports league that does not allow institutional investors. Over the past year, it has closely monitored the policies of other leagues, including the NBA, MLB, MLS, and NWSL, which all allow funds to own up to 30% of a team’s equity. Most insiders though, expect the NFL, which is known for its strict ownership rules regarding governance and team sales, to take a more conservative approach, with a much lower threshold, reportedly in the 10% range. Some owners are advocating for an even more conservative 5% cap.
