NFL owners vote to allow private equity firms stakes in teams [Video]

EAGAN, Minn. — The booming business of the NFL will now be open for more business.

League owners voted their carefully crafted approval of private equity in club ownership, putting in place a provisional new rule on Tuesday that lets certain firms buy up a stake of up to 10% in any of the 32 franchises that have soared in value over the past few decades like few other industries.

At a special meeting in Minnesota, nine days before the regular-season opener, owners for the first time opened their teams to institutional investment after previously prohibiting it. Other major American sports leagues allow as much as 30% holdings by private equity firms, and it’s a common practice in international …