LAS COLINAS, Texas — A crack in the NFL’s longstanding ownership policy has emerged.
Private equity investors gained limited control of the Philadelphia Eagles and Miami Dolphins after a Wednesday morning vote of approval among team ownership groups.
Eagles team owner Jeffrey Lurie sold 8 percent of the team, a person with knowledge of the vote confirmed to Yahoo Sports. The team was valued at $8.3 billion during the process.
Dolphins team owner Stephen Ross sold 10 percent to Ares Management and 3 percent to Brooklyn Nets team owners Joe Tsai and Oliver Weisberg, the Dolphins announced in a press release. The deal is pending final closing of the agreements.
The Dolphins’ deal also includes the team’s Hard Rock Stadium as well as the Formula 1 Crypto.com Miami Grand Prix.
“Together, with the resources from this transaction, we will prioritize continued investment into the Dolphins, additional sports assets and South Florida real estate to fuel dynamic growth and innovation in the region for years to come,” Ross said in a statement.
This developing story will be updated.