National Football League (NFL) owners have voted to allow private equity investment in a landmark move that could see billions of dollars in new funding pumped into the sport, the United States-based league confirmed.
At a meeting in Milwaukee on Aug 27, the owners of the 32 teams gave the green light to a plan that would allow a group of handpicked private equity firms to purchase up to a 10 per cent stake in a team.
The vote represents a significant departure for the way NFL teams are funded. Historically, franchises have been run as family businesses or owned by wealthy individuals.
The move potentially puts billions of dollars of new cash on the table to help pay for new stadiums and other projects for the most popular sport in the US.
According to NFL documents setting out the parameters of the new funding deal, private equity firms must also retain their investment for a minimum of six years.
The NFL has approved three firms Arctos Partners, Ares Management and Sixth Street - as well as a consortium consisting of Blackstone, Carlyle, CVC, Dynasty Equity and Ludis, as the companies allowed to invest.
This story is from the August 29, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 29, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
New FAS gen-sec Chew committed to changes
Sports Correspondent Former Lion City Sailors chief executive officer Chew Chun-Liang is expected to hit the ground running when he takes over as the Football Association of Singapore's (FAS) general secretary in November, a move which was announced on Sept 13.
FAMILIARITY ON TAN'S SIDE
Coach of women's floorball team steps up from assistant and interim roles
Ronaldo is entitled to his opinion, says ten Hag
Erik ten Hag has brushed aside Cristiano Ronaldo's criticism about his ambition at struggling Manchester United, saying that the Portugal star is \"far from Manchester\".
Pep believes City innocent until proven guilty
Pep Guardiola insisted that Manchester City are \"innocent until proven guilty\", as a longawaited hearing into 115 financial charges levelled against the club is set to begin on Sept 16 with potentially huge ramifications for the English Premier League champions.
WE STILL HAVE MOMENTUM: SLOT
He says international break hasn't affected Reds, who relish match with Forest
Textor's Toffees takeover not yet a done deal
Struggling Everton have played down prospective new owner John Textor's comments about being close to a takeover of the English Premier League club, saying on Sept 12 \"there remains work to be done\".
Chelsea's blues continue with ownership row
No sooner had another turbulent transfer window for Chelsea shut than reports emerged of a power struggle between chairman Todd Boehly and majority shareholder Behdad Eghbali.
WOUNDED JAGUARS TO GO ON THE PROWL
Expect goals and attacking football from SPL bottom side, says new interim coach
INVESTIGATOR BACKS WADA IN CHINESE CASE
A final report on Sept 12 confirmed that the World AntiDoping Agency (Wada) did not show \"favouritism\" towards China, in the case of 23 Chinese swimmers who were cleared to compete in the Tokyo Olympics after testing positive for a banned drug.
PGA v LIV battle good for golf: DeChambeau
A planned exhibition match between PGA Tour and LIV Golf stars offers a chance for the two sides to start reuniting the golf world, LIV's Bryson DeChambeau said on Sept 12.
