National Football League (NFL) owners on Tuesday voted to allow private equity investment in a landmark move that could see billions of dollars in new funding pumped into the sport, the US-based league confirmed.
At a meeting in Milwaukee, the owners of the NFL’s 32 teams gave the green light to a plan that would allow a group of hand-picked private equity firms to purchase up to a 10-percent stake in a team.
Tuesday’s 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 to allow private equity investment 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 United States.
According to NFL documents setting out the parameters of the new funding deal, private equity …