Apollo, Blackstone Have NFL Aspirations, Seek Approval to Buy Stakes in Teams

(Bloomberg) -- Blackstone Inc. and a unit of Apollo Global Management Inc. are in talks with the NFL to join the league's list of approved private equity firms that can take minority stakes in its teams, according to people familiar with the matter.

The discussions are preliminary and both firms would likely need to find a deal with a team before completing the approval process, said the people, who weren't authorized to speak publicly about the talks. Approval isn't imminent and completion of the process would likely come next year, according to one of the people.

Another person familiar with the talks said the NFL has been in communication with multiple private equity firms, and that the league's owners have been pleased with its private equity partners so far.

The NFL, Blackstone and Apollo declined to comment.

The league began its private equity policy two years ago, giving owners more opportunities to raise capital for stadium projects and estate management. The shift also further boosted team valuations. The Super Bowl champion Seattle Seahawks recently changed hands for a record $9.6 billion, topping the Washington Commanders sale in 2023 for about $6 billion.

Apollo Sports Capital, an Apollo division created last year, has invested or committed to $13 billion of deals, according to Al Tylis, its chief executive officer. In September at Bloomberg Power Players New York, he said that "we're interested in any great sports property anywhere in the world, which clearly includes the NFL."

Blackstone and CVC Capital were previously on the list of approved investors as part of a consortium alongside the Carlyle Group and Dynasty Equity Partners, but both pulled out. In Blackstone's latest attempt, the firm would enter the league's private equity policy on its own.

Firms such as Arctos Partners, Ares Management, Sixth Street and a partnership between Carlyle Group and Dynasty Equity Partners have bought into NFL clubs. Arctos has led the way, buying stakes in four teams including the Buffalo Bills and Los Angeles Chargers.