Looks like the NFL’s private equity rule is doing exactly what it was meant to do. Since the rule came into effect in 2024, seven teams have already sold minority stakes to investment firms. And why not? With team values soaring to record highs and creating massive liquidity, it’s only natural that owners would want to cash in on the boom. While some see this as a ruthless way for billionaires to get richer, the reality couldn’t be more different. And perhaps that is exactly why the Atlanta Falcons just became the most recent team to walk down the same path.

CNBC’s Michael Ozanian and Jessica Golden reported Thursday that private equity firm Arctos Partners has agreed to purchase ten percent of the Falcons. If the NFL approves the sale, with a formal vote expected in October, the deal will be completed in two parts over the next 18 months. Notably, Falcons will especially be at an advantage if Arctos comes under their umbrella.

Not only does Arctos bring in fresh resources to their ecosystem, but it also provides strategic and operational expertise that can help the Falcons add to the franchise’s growth.

In September 2025, CNBC valued Atlanta at $8 billion, 11th among NFL franchises. However, with the new valuation after this deal, the Falcons are valued at $10.6 billion. But of course, there are some limitations even if the sale goes ahead.

Back in 2024, the NFL realized that one way to bring in more capital as the league continues to dominate the sports world was to join hands with private equity firms that have been looking for more sports leagues to venture into. However, this could hamper the unique culture of ownership that the billionaire-purist NFL has created. So, it put a cap on some rules to favor its growth instead of the PEs, unlike the other leagues in the nation.

Put simply, it is a silent position that will give access to capital to the team for a minimum of six years, but the PEs could only have a ten percent stake with no decision-making influence of any kind.

Currently, Arthur Blank, co-founder of Home Depot, owns the majority stake in the team, holding just under 73 percent of the franchise. It isn’t clear whether the ten percent will be sold by Blank or the other limited partners, or both. Blank bought the Falcons in 2002 for $545 million. The franchise has been growing ever since, albeit with some major hiccups.

Atlanta continues to grow off-field but struggles as a team

According to a 2025 story by Atl All Day’s Zach Lowy, the Falcons recorded $585 million in revenue, an operating income of $94 million, and spent $317 million on player expenses. They marked a 39% growth in valuation in the last calendar year. Their on-field failure, however, continues to be a hurdle.

The Falcons were founded in 1965 but have not won the Super Bowl, having only two appearances in the Super Bowl game in the 1998 and 2016 seasons. To take care of that front, the team has replaced many people in its leadership for the 2026 season.

In January, they created a new role of President of Football and hired their former quarterback Matt Ryan to fill the spot. They then replaced GM Terry Fontenot with former Chicago Bears assistant GM Ian Cunningham. To lead the team, they hired former Cleveland Browns head coach Kevin Stefanski in hopes of contending for the ring when they host the Super Bowl in 2028. Meanwhile, their off-field success is probably what prompted Arctos Partners to invest in the team.

Arctos is one of the original firms that the NFL agreed to as its PE firms. To date, they have invested in the Los Angeles Chargers, the Buffalo Bills, and the Cleveland Browns. If the league agrees, Arctos could only be allowed to invest in two more franchises if it wishes to do so. That said, this sale will definitely help the Falcons reach greater heights, with more financial backing. Interestingly, it also adds to a growing market with many interested participants.

The NFL’s private equity era

The NFL passed Resolution JC-7 on August 27, 2024, which allows private equity firms to hold up to ten percent passive ownership in a franchise. But while the NFL was not fond of the idea of involving private equity firms at first, the league reconsidered the idea when the NFL teams’ values started to soar.

The NFL became a highly valued league in the sports world, with eleven teams being valued at $8 billion or more in 2025. With the inclusion of PEs, the NFL’s teams grew by 20% in just one year (2024 to 2025).

“Not all clubs will take advantage of this,” NFL commissioner Roger Goodell said in August, 2024. “But we said in the beginning, with the committee and the finance committee and the membership, that this will be a benefit to all 32 teams.”

While not all teams have started taking advantage of this decision, it was clearly a favored step, with 31 of 32 teams voting for it. Only the Cincinnati Bengals voted against the move. And while the Dallas Cowboys have not yet talked to any PE, owner and GM Jerry Jones believes this is the way to improve the game further.

“To have a strong game, you have to have a strong financial underpinning,” Jerry Jones told The Washington Post in 2024. “You have to have availability of capital. And this is the type of thing that is good for the fans.”

Alongside Arctos Partners, private equity firm Ares Management bought a minority stake in the Miami Dolphins in 2025, and Sixth Street Partners also acquired a stake in the New England Patriots. As of now, only a few parties are allowed to buy minority stakes in NFL teams along with these, including a group that includes Carlyle Group, Dynasty Equity, and Ludis.

The firms have had a major effect on sale prices, with sports bankers saying their investments have eased liquidity concerns and shifted the focus to franchise valuation, according to CNBC. NFL spokesperson Brian McCarthy told Front Office Sports that the move has given teams the capacity to “invest in their stadiums and grow the game at home and abroad.”

While Arctos Partners awaits the NFL’s final decision, this investment opportunity shows the NFL has been one of the fastest-growing leagues in the world by valuation.