Why the NFL Let Private Equity Get Into the Game: QuickTake

The National Football League, one of the most valuable entities in professional sports, is finally letting institutional investors enter its rich ranks. Thanks to a recent vote that changed the league’s rules, private equity firms will now be able to buy 10% stakes in NFL teams. While these are ultimately small stakes, they nonetheless allow owners to sell pieces of their teams to silent partners. The MLB and NBA already allow similar arrangements.

1. Why did the NFL make this change?

There’s a myriad of reasons. For some owners, they simply want liquidity. Others want to renovate old stadiums, or ...