How investing in teams will work [Video]

The National Football League is opening its gates to private equity investors — but it is limiting their involvement in the league for now.

Last week, NFL team owners voted to allow an initial group of private equity firms to acquire up to a 10% stake of a franchise. Still, the investors are meant to take silent roles in the U.S.’ most exclusive professional sports club.

The vote followed extended discussions, and the NFL had the benefit of seeing how private equity ownership played out in other major U.S. leagues, which have allowed it since 2019.

“It really means big sports is an investment class right now,” Bain Capital co-chair Steve Pagliuca said on CNBC last week. “This isn’t a case where private equity is …