Until recently, the NFL stood alone among major U.S. sports leagues in prohibiting private equity (PE) investment in its teams. This stance has now shifted, albeit cautiously. While the league has welcomed PE funds, it has implemented strict regulations to control their involvement.

The NFL's "permitted funds" list includes Arctos Partners, Ares Management, Sixth Street, and a consortium featuring Blackstone, Carlyle, CVC, Dynasty Equity, and Ludis. These funds must commit to a minimum six-year holding period and are subject to a 10% ownership cap. Compared to other major U.S. leagues, the

NFL's restrictions on PE investment are more stringent. The NBA, MLB, and NHL allow up to 30% PE ownership. European football leagues, such as the EPL, Ligue 1, and Serie A, have even more relaxed regulations.

Despite these limitations, PE funds remain attracted to sports investments. The industry's perceived insulation from broader market fluctuations and the potential for long-term growth make it an appealing target. However, governing bodies must carefully balance the financial benefits of PE investment with the need to protect the integrity of their sports.

The NFL's decision to allow PE investment marks a significant departure from its traditional stance. While the league's regulations are designed to mitigate potential risks, it remains to be seen whether they will strike the right balance between financial gain and preserving the essence of the sport.