The NFL’s first two private equity investments were approved during the owners’ meeting near Dallas on Wednesday. It starts with two rivals in the AFC East.
Arctos has officially joined the Buffalo Bills ownership group, acquiring a 10% stake of the club. Ares Management, an asset management company, was also approved to acquire a 10% stake in the Miami Dolphins along with Hard Rock Stadium and the Formula 1 Miami Grand Prix.
The Stephen Ross-owned Dolphins’ stake was sold at an $8.1 billion valuation, according to Bloomberg. This latest transaction expands Ares’ sports portfolio, which already includes investments in MLS franchise Inter Miami FC, McLaren Racing and La Liga club Atlético de Madrid. The approval for the two private equity deals arrives after the league approved owners selling up to a maximum of 10% to firms back in August.
Brooklyn Nets majority owner Joe Tsai and limited partner Oliver Weisberg, who is the CEO of Blue Pool Capital, were also approved to join the Dolphins ownership group as they acquired a 3% stake in the team. The Bills also expanded their ownership with the addition of 10 new limited partners for the first time in franchise history. In addition to Arctos, that group includes former NBA stars Vince Carter and Tracy McGrady as well as former U.S. soccer standout Jozy Altidore. McGrady and Carter, who were previously teammates on the Toronto Raptors, are also second cousins.
Sportico previously reported that the former athletes were in negotiations to be limited partners.
The Las Vegas Raiders didn’t add a firm to their ownership group, but their newest limited partner is a prominent member of the private equity world. Silver Lake co-founder Egon Durban as well as Discovery Land Company chairman and Casamigos co-founder Michael Meldman have each acquired 7.5% stakes in the Raiders. It’s the latest Raiders ownership news after former NFL stars Tom Brady and Richard Seymour were recently approved as limited partners.
The Philadelphia Eagles have also shaken up their ownership with two family investment groups acquiring 8% of the team at a $8.3 billion valuation. The new partners are Susan Kim, chairwoman of the board of Amkor Technology, and Zack Peskowitz and Olivia Peskowitz Suter. The two are the children of United Communications Group co-founder and former Atlanta Hawks co-owner Ed Peskowitz.