Apollo, Blackstone Eye NFL Investor Approval
The private equity firms are in preliminary talks to become approved investors eligible to take minority stakes in U.S. football franchises.
Updated on Nov. 5, 2026 in Football
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Apollo Global Management and Blackstone are in preliminary discussions with the National Football League to become approved private equity investors. The talks concern eligibility to acquire minority stakes in U.S. football franchises.
Why it matters
The NFL opened team ownership to institutional investors in 2024, and rising franchise valuations have intensified institutional interest. Blackstone previously withdrew from an approved consortium with CVC Capital Partners, making its renewed approach notable.
Apollo Sports Capital, launched in 2025, has invested or committed approximately $13bn across sports transactions. The seller-side benchmark is the Seahawks' record $9.6bn sale, while the Commanders sold for roughly $6bn in 2023.
The players
Apollo Global Management
Apollo Global Management is a major U.S. alternative asset manager whose sports arm, Apollo Sports Capital, has pursued large sports investments.
Blackstone
Blackstone is one of the world's largest alternative asset managers, which previously withdrew from an approved NFL investment consortium.
National Football League
The National Football League is the professional American football league that opened team ownership to institutional investors in 2024.
The details
Both firms are seeking inclusion on the league's approved investor list, which would allow them to acquire minority stakes in NFL franchises. Arctos Partners has already acquired stakes in four franchises, including the Buffalo Bills and Los Angeles Chargers, showing the pathway is active.
Timeline
2023: The Washington Commanders are sold for approximately $6bn.
2024: The NFL opens team ownership to institutional investors.
2025: Apollo Sports Capital is launched.
November 5, 2026: Reports of Apollo and Blackstone's NFL discussions are published.
Before 2027: Earliest expected approval timeframe for the firms.
Market Landscape
The NFL's 2024 opening of team ownership to institutional investors has drawn private equity firms into a market where franchise sale prices have reached record levels. Apollo and Blackstone's interest signals that competition for minority stakes is intensifying across the league.
If the approvals proceed, minority stakes in NFL franchises could become accessible to large institutional investors rather than only wealthy individuals. Fans should not expect any change in team operations until approval is granted, which is unlikely before 2027.
The takeaway
Institutional capital is moving deeper into NFL ownership as franchise values climb to record levels. Watch for the league's approved investor list to see which firms ultimately gain entry.
Further reading
For more on the league's franchise market, see Football coverage across the United States.
Source note: This article includes information reported by Private Equity Wire.
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