Apollo and Blackstone seek approval for NFL investments

Apollo Global Management and Blackstone are exploring the possibility of becoming approved private equity investors in the National Football League (NFL), with the aim of acquiring minority stakes in US football franchises, as reported by Bloomberg. While the firms are still in the preliminary stages of discussions and approval is not expected before 2027, they may need to identify specific franchise investments prior to gaining approval.

In 2024, the NFL opened up team ownership to institutional investors, allowing approved private equity firms to purchase minority interests in franchises and provide team owners with additional funds for stadium development and estate management. Apollo is pursuing this opportunity through its dedicated sports investment platform, Apollo Sports Capital, which launched in 2025 and has invested or committed around $13bn across sports transactions.

Blackstone, on the other hand, had previously participated in an approved investment consortium alongside CVC Capital Partners, Carlyle Group, and Dynasty Equity Partners. However, both Blackstone and CVC later withdrew from the consortium. Currently, Blackstone is seeking approval independently. Other firms that have already been approved to invest in NFL franchises include Arctos Partners, Ares Management, and Sixth Street, along with the Carlyle-Dynasty partnership.

Arctos has already made investments in four NFL franchises, including the Buffalo Bills and Los Angeles Chargers.

Institutional interest in NFL franchises has been on the rise, with rising franchise valuations contributing to this trend. The Seattle Seahawks recently changed hands for a record $9.6bn, surpassing the $6bn sale price of the Washington Commanders in 2023.