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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 11 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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<p><img style="max-width: 100%;height: auto" width="435" height="316" src="https://www.thregupdate.com/wp-content/uploads/sites/1016/2025/05/GettyImages-2202161364.jpg" class="attachment-lxb_af_3_of_4-wide size-lxb_af_3_of_4-wide wp-post-image" alt="" loading="lazy" /></p>
			<p>While the Philadelphia Eagles&rsquo; decisive 40-22 win over the Kansas City Chiefs in Super Bowl LIX is still grabbing headlines, the biggest winner of this year&rsquo;s Big Game wasn&rsquo;t a team &mdash; it was the National Football League (NFL) itself. Thanks to the recent adoption of a game-changing private equity rule, the NFL is set to cash in long after the confetti settles.</p>
<h3 class="wp-block-heading"><strong>The NFL&rsquo;s New Private Equity Playbook</strong></h3>
<p>Last August, the NFL approved new ownership rules that allow private equity funds (&ldquo;Funds&rdquo;) to purchase minority stakes in NFL franchises. The new <a href="https://www.nfl.com/news/nfl-owners-vote-to-allow-private-equity-funds-to-buy-stakes-in-teams">Private Equity Policy</a> (&ldquo;Policy&rdquo;), formally titled 2024 Resolution JC-7, was designed to expand team ownership to pooled investment groups. Under the new Policy, Funds:</p>
<ul class="wp-block-list">
<li>May purchase up to 10% of an NFL team at a minimum equity stake of 3%;</li>
<li>Must hold the investments for at least six years as a passive owner (i.e., no voting rights or significant decision-making power); and</li>
<li>Must have<a href="https://www.espn.com/nfl/story/_/id/41013650/nfl-owners-approve-private-equity-investment"> at least $2 billion</a> in committed capital but cannot invest more than 20% of fund capital into one franchise.</li>
</ul>
<p>In connection with the Policy, the NFL selected a group of firms to kick off the private equity investments, including Arctos Partners, Ares Management, Sixth Street, and a consortium led by Curtis Martin comprised of Blackstone, Carlyle, CVC, Dynasty Equity, and Ludis. </p>
<p>This historic policy shift positions the NFL alongside other major U.S. sports leagues, such as the <a href="https://www.thestreet.com/sports/nba-stars-like-lebron-james-can-now-invest-in-an-opportunity-that-was-previously-banned">NBA</a>, MLB, NHL, MLS, and <a href="https://www.sportico.com/feature/nwsl-private-equity-ownership-rules-1234784150/">NWSL</a>, which have allowed private equity investments for years.</p>
<h3 class="wp-block-heading"><strong>Why Private Equity is Betting Big on the NFL</strong></h3>
<p>The NFL is America&rsquo;s most valuable sports league, with an average franchise valuation of $5.93 billion. Unlike other leagues, <a href="https://www.sportico.com/leagues/football/2023/nfl-epl-profits-comparison-1234737931/">every NFL team is profitable</a> and yields higher multiples when sold. Together with its record-breaking <a href="https://www.forbes.com/sites/mikeozanian/2021/08/05/the-nfls-most-valuable-teams-2021-average-team-value-soars-to-35-billion-as-league-shrugs-off-pandemic-year/">$111 billion media rights deal</a>, the NFL&rsquo;s profitability is expected to grow over the next decade.</p>
<p>In particular, private equity firms are drawn to sports as an asset class due to:</p>
<ul class="wp-block-list">
<li><strong>Recession-resistant fan loyalty</strong> &ndash; Despite on-field performance and economic uncertainty, NFL franchises maintain value</li>
<li><strong>Steady growth in team valuation &ndash; </strong>Many experts believe that&nbsp;NFL franchises have consistently <a href="https://pitchbook.com/news/articles/sports-entertainment-deals-us-private-equity-2021">outperformed the S&amp;P 500</a> for the last 20 years</li>
<li><strong>Lucrative media rights &ndash; </strong>$111 billion and a <a href="https://www.nfl.com/news/nfl-christmas-day-games-on-netflix-average-over-30-million-global-viewers">Christmas Day doubleheader</a>? Enough said.</li>
</ul>
<h3 class="wp-block-heading"><strong>Looking Downfield to the Future of Private Equity Plays</strong></h3>
<p>Despite suffering the second-largest blowout in Big Game history, Kansas City Chiefs&rsquo; owner and NFL Finance Committee Chair, <a href="https://nbcuniversalnewsgroup.com/cnbc/2025/02/06/cnbc-sport-kansas-city-chiefs-owner-clark-hunt-talks-taylor-swift-whether-he-would-sell-a-stake-in-the-chiefs-to-private-equity-potentially-expanding-the-nfl-regular-season-more-ahead-of-the/">Clark Hunt</a> is open to leveraging private equity investments in the future, acknowledging that &ldquo;having more options from a liquidity standpoint is beneficial to everybody, including the Kansas City Chiefs.&rdquo; Hunt&rsquo;s willingness to explore such investments comes on the heels of the NFL&rsquo;s first two private equity investments in December 2024 with Arctos Partners and Ares Management joining the ownership groups of the <a href="https://www.buffalobills.com/news/buffalo-bills-welcome-10-new-limited-partners-to-ownership-group">Buffalo Bills</a> and <a href="https://www.miamidolphins.com/news/miami-dolphins-announce-sale-of-limited-interest-to-ares-management">Miami Dolphins</a>, respectively.</p>

The Real Winner of the Big Game? The NFL’s Bottom Line

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