LAS COLLINS, Texas – A crack has appeared in the NFL’s longstanding ownership policy.
Private equity investors acquired limited control of the Philadelphia Eagles and Miami Dolphins Wednesday morning after a ratification vote among the teams’ ownership groups.
Eagles owner Jeffrey Lurie sold 8 percent of the team, a person with knowledge of the deal confirmed to Yahoo Sports. The team was valued at $8.3 billion during the process.
Dolphins team owner Stephen Ross sold 10 percent to Ares Management and 3 percent to Brooklyn Nets team owners Joe Tsai and Oliver Weisberg, the Dolphins announced in a press release. The agreement is pending finalization of the contract.
Dolphin’s deal also includes the team’s Hard Rock Stadium and the Formula 1 Crypto.com Miami Grand Prix.
“Together, with the resources of this transaction, we will prioritize continued investment in the Dolphins, additional sporting assets and South Florida real estate to drive dynamic growth and innovation in the region for years to come,” Ross said in a statement.
The Buffalo Bills added minority owners for the first time in franchise history on Wednesday. League ownership has authorized the addition of 10 non-controlling, limited partners.
This will be updated on developing stories.
