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• A look at the NFL’s ongoing preparation for possible private equity ownership

NFL owners closing in on private equity investment

By Bob Clair

National Football League franchise owners discussed allowing private equity investment in teams on Wednesday during the league’s quarterly meetings in Nashville. Although no vote was taken, NFL Commissioner Roger Goodell told reporters that he expects something in place by the end of the year.

“We’re being very thoughtful and deliberate,” Goodell said. “The finance committee is working it pretty hard. We’ve got a lot of interest in the private equity space … I expect there to be something by the end of the year.”

The league is working with investment bank PJT Partners as its liaison with investment firms interested in buying stakes in teams, according to multiple people familiar with the engagement.

The NFL would be the last of America’s major sports leagues to sanction private equity investment—Major League Baseball, Major League Soccer, the National Basketball Association, and National Hockey League already allow private equity involvement, although each league has varying guidelines addressing how much firms can invest, how many teams per league they can invest in, and how long they must hold their stakes before an exit.

People familiar with the matter say the NFL’s move is sparked by teams' rapid valuation growth and a shrinking pool of potential buyers. Each team has historically been run with single-family ownership (excluding the fan-owned Green Bay Packers)—this week’s proposal would be the first change since the league’s founding.

Allowing private equity firms to invest as limited partners, who typically have no decision-making power in NFL ownership structures, could also free up capacity for owners to pursue cash-intensive initiatives like stadium renovations. Although non-control positions may deter some would-be investors, many sports-specific firms specifically note a preference for minority stakes. Arctos Partners, for example, calls themselves “long-term horizon investors with no aspirations for control ownership.”

Once a framework is passed, NFL owners must still develop a specific policy governing private equity investment, a process that may take several additional months. Key terms will be the allowable ownership percentage and whether pensions or sovereign wealth funds will be permitted to participate. Cross ownership—when a firm takes limited partnership stakes in multiple teams—may also be a concern, as may the treatment of investors with existing stakes in gambling entities.

Investment exits and hold period requirements are also expected to be addressed as the league manages its general aversion to rapid ownership turnover. The NFL will hope to avoid situations like Dyal HomeCourt Partners’ position in the Phoenix Suns, a portion of which was sold in 2023 after just two years (at a valuation 158 percent greater than their entry).

Regardless of the league’s final terms, investor appetite is expected to be high: alongside college athletics, the NFL is one of the largest untapped opportunities for private equity firms increasingly keen on sports and entertainment assets. So far this year, there have been 31 private equity-backed sports deals worth more than $20 billion, according to Preqin data.

• Anglo American (LSE: AAL) agreed to enter talks with BHP Group (ASX: BHP) after rejecting a third takeover proposal of around $49 billion.

• Oaktree Capital Management has taken ownership of Italian professional soccer club Inter Milan after the club's owner Suning defaulted on a €395 million loan.

• Biogen (Nasdaq: BIIB) agreed to acquire Human Immunology Biosciences (HI-Bio), a clinical-stage biotech developing targeted therapies for patients with severe immune-mediated diseases, for $1.15 billion upfront and up to $650 million in potential milestone payments.

• PowerSchool Holdings, an edTech platform for K-12 schools owned by Onex and Vista Equity Partners, has received takeover interest from firms including Warburg Pincus and Bain Capital, per Bloomberg.

• Saltchuk Resources agreed to acquire Overseas Shipholding Group (NYSE: OSG), a liquid bulk carrier for crude oil and petroleum products, for around $950 million.

• Phillips 66 (NYSE: PSX) agreed to acquire Pinnacle Midstream, a Midland Basin natural gas gathering and processing provider, for $550 million from Energy Spectrum Capital.

• Warburg Pincus and Temasek agreed to acquire Specialist Risk Group, a UK-based insurance intermediary, from HGGC.

• Blue Point Capital Partners acquired National Safety Apparel, a Cleveland-based manufacturer of industrial personal protective equipment.

• BV Investment Partners made a majority investment in CyberSheath, a managed compliance, security, and IT provider for defense companies.

• KKR agreed to acquire a minority stake in Infinx Services, an AI-driven healthcare revenue cycle solutions provider, for around $150 million.

• Macquarie Capital invested in Earth Resources Technology, a provider of scientific and engineering data systems and solutions to governmental agencies.

• Bumble (Nasdaq: BMBL) agreed to acquire Geneva, an online platform for real-world groups and clubs.

• Eastern Metal Supply, a portfolio company of Wynnchurch Capital, acquired Eagle Metal Distributors, an Orlando-based distributor of aluminum products and patio screens.

• Autodesk (Nasdaq: ADSK) agreed to acquire Wonder Dynamics, an AI-powered 3D animation and VFX solutions platform.

• Renovus Capital Partners acquired a majority stake in Case Works, an Austin, Texas-based tech-enabled legal services provider.

• Centivo agreed to acquire Eden Health, an employer-centered virtual-first medical provider backed by Insight Partners.

• Forward Consumer Partners acquired a 50 percent stake in Xochitl, a tortilla chip brand.

• KKR acquired a minority stake in PHINMA Education, a private higher education group owned by Filipino conglomerate PHINMA Corporation.

• LeadsOnline, backed by TA Associates, agreed to acquire Nighthawk.Cloud, an investigative data visualization and analysis provider.

• Momentum Environmental, a portfolio company of Nonantum Capital Partners, agreed to acquire T&R Environmental, a provider of environmental services based in Upstate New York.

• The Vistria Group launched Crestfield Risk as a new platform to consolidate independent insurance agencies in the U.S.

• Acuren, an American Securities-backed lab testing servgices provider, agreed to go public via a SPAC merger with Admiral Acquisition (LSE: ADMR) at a $1.85 billion valuation.

• Tempus AI, a provider of AI-enabled precision medicine tools, filed for a Nasdaq IPO with plans to raise up to $100 million.

Tech, Vertical SaaS, & Misc. Enterprise

• Scale AI, a data-labeling and evaluation platform, raised $1 billion in Series F funding at a $13.8 billion valuation. Accel led, with participation from Cisco, Intel Capital, AMD, WCM, Nvidia, Amazon, Meta, and ServiceNow.

• H, a Paris-based AGI startup, raised $220 million in seed funding led by Accel, UiPath, and Bpifrance, with participation from Eric Schmidt, Amazon, and Bernard Arnault's Aglaé Ventures.

• OneStock, an order management system startup, raised $72 million in new funding from Summit Partners.

• Easy Metrics, a labor analytics platform for warehouses and manufacturers, received a $31 million investment from Nexa Equity.

• Reactive Technologies, a provider of grid monitoring and stability solutions, raised £25 million in Series D funding led by M&G Catalyst, with participation from BGF and Breakthrough Energy Ventures.

• Verse, a clean energy planning and management platform, raised $20.5 million in Series A funding. GV led, with participation from Coatue, CIV, and MCJ Collective.

• Nory, an Irish AI-powered operating system for the restaurant industry, raised $16 million in Series A funding led by Accel, with participation from Cavalry, Playfair, Samaipata, and Triplepoint.

Fintech

• Vitesse, a treasury and payment solutions provider, raised $93 million in Series C funding led by KKR, with participation from Hoxton Ventures, Octopus Ventures, and Hannover Digital Investments.

• TractionAg, developer of cloud-based farm accounting and analytics tools, raised $10 million in Series A funding. Cooperative Ventures led, with participation from Plymouth Growth and Pacific Life’s Hydra.

Consumer & Media

• Farcaster, a blockchain-based social media startup, raised $150 million. Paradigm led, and was joined by a16z crypto, Haun Ventures, USV, Variant, and Standard Crypto.

• Suno, a provider of music creation and generative AI software, raised $125 million in Series B funding led by Lightspeed Venture Partners, with participation from Matrix Partners, Founder Collective, Nat Friedman, and Daniel Gross.

• Zen Educate, a London-based online marketplace connecting schools with substitute teachers, raised $37 million in Series B funding led by Round2 Capital, with participation from Adjuvo, Brighteye Ventures, FJ Labs, and Ascension Ventures.

• Praktika, an AI-powered language learning app, raised $35.5 million in Series A funding. Blossom Capital led, with participation from Creator Ventures and Blue Wire Capital.

Healthcare

• AltruBio, a biotech developing immune checkpoint agonists, raised $225 million in Series B funding led by BVF Partners, with participation from RA Capital, Cormorant Asset Management, Soleus Capital, aMoon, and Blackstone Multi-Asset Investing.

• Tuesday Health, a value-based care hospice provider, raised $60 million in new funding led by Valtruis, with participation from Blue Venture Fund, Mass General Brigham Ventures, and CareSource.

• LabGenius, a developer of machine learning-driven drug discovery and engineering platforms, raised £35 million in Series B funding led by M Ventures, with participation from Octopus Ventures, PAG, Atomico, Kindred Capital, Lux Capital, and Obvious Ventures.

• Boulder Care, a virtual opioid use addiction treatment provider, raised $35 million in Series C funding led by Advance Venture Partners, with participation from Stripes, First Round Capital, Qiming Venture Partners, and Laerdal Million Lives Fund.

• SamaCare, a provider of cloud-based patient access platforms for specialty medications, raised $17 million in Series B funding led by Questa Capital, with participation from Vive Collective and South Park Commons.

• Limula, a developer of cell and gene therapy manufacturing automation, raised $6.8 million in seed funding led by LifeX Ventures, with participation from Verve Ventures, Zühlke Ventures, and Oxford Seed Fund.

Industrials, Greentech, & Other

• Anduril Industries, a defense tech startup, is in talks to raise $1.5 billion at a $12.5 billion valuation, per The Information.

• Circtec, a London-based developer of pyrolysis tech for sustainable tire recycling, raised €150 million from Novo Holdings and A.P. Moller Holding.

• 280 Earth, a carbon capture and storage startup, raised $50 million in Series B funding led by Builders VC.

• Aerodome, a drone-as-first-response startup, raised $21.5 million in Series A funding led by CRV, with participation from Andreessen Horowitz, Karman Ventures, Immad Akhund, and Ford Street Ventures.

• XGS Energy, a provider of geothermal cooling and power systems for data centers, raised $20 million in Series A funding. Valo Ventures and VoLo Earth Ventures led, with participation from B Current Impact Investment, MIH Capital, and Thin Line Capital.

• Ore Energy, a manufacturer of iron-air batteries for long-duration energy storage, raised €10 million in seed funding led by Positron Ventures.

• Aeromine Technologies, a developer of rooftop wind energy harvesting systems, raised $9 million in Series A funding led by Veriten, with participation from Thornton Tomasetti and family offices.

• RedBird Capital Partners and Weatherford Capital launched Collegiate Athletic Solutions to provide flexible capital to university athletic departments under a revenue-share model.

• Paceline Equity Partners raised $780 million for its second fund, focused on value-oriented special situations private equity, corporate debt, and real assets.

• Carlyle Group raised $2.8 billion for its fifth Japan-focused buyout fund.

• Entrepreneurial Equity Partners raised $546 million for its second consumer-focused fund.

• Eir Partners Capital raised $496 million for its second healthcare services fund.

• Alcazar Energy raised $490 million for its second fund.

• ETF Partners raised €284 million for its fourth climate-focused venture fund.

• Riata Capital Group raised $285 million for its second buyout fund.

• Peterson Partners raised $265 million for its 10th buyout fund.

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