NFL to vote on private equity ownership
Owners of the US National Football League (NFL) are set to vote on Tuesday on allowing private equity investment, a move that could offer an influx of cash for new stadiums and other projects. With the vote, the NFL's 32 owners are likely to allow private equity firms to purchase up to a 10 percent team stake, according to a CNBC report. A number of companies that have been approved plan to commit US$12 billion in capital over time, CNBC added, citing people familiar with the situation. Each fund or consortium can make deals with up to six teams, and the firms which have been green-lit include Ares Management, Sixth Street Partners and Arctos Partners. There is also a consortium including names like Blackstone and the Carlyle Group, the report said. Other large sports leagues like Major League Baseball and the National Basketball Association already allow private equity ownership. Last year, the NFL – the most popular and prosperous US league – formed a committee to consider allowing private equity funding, and it has recently met with the companies. With rising valuations of NFL teams, fewer potential owners can come up with full funding when teams are on the market. (AFP)