Blackstone, Apollo Eye NFL Team Stakes: What to Know

TL;DR: Blackstone and a unit of Apollo Global Management are in preliminary talks to join the NFL's list of approved private equity firms that can buy minority stakes in teams, according to a Bloomberg report. Approval is not expected soon, and the process could run into next year. Nothing in the reporting opens these stakes to individual investors.

What happened between Blackstone, Apollo and the NFL?

Blackstone and a unit of Apollo are in talks with the league about being added to its approved private equity list. Private Equity Wire, summarizing Bloomberg's original report, says both firms are in preliminary discussions to become approved investors eligible to acquire minority stakes in NFL franchises.

The talks are early. According to Yahoo Finance, both firms would likely need to secure an investment opportunity with a team before moving through the league's approval process, and the people familiar with the talks said a decision is not expected in the near term.

The Apollo side of this runs through Apollo Sports Capital. Private Equity Wire describes it as a dedicated sports investment platform launched in 2025 that has invested or committed approximately $13 billion across sports deals.

Why does the NFL allow private equity in teams at all?

The league changed its rules in 2024. Benzinga reports that the NFL adopted a policy that year allowing private equity firms to buy minority stakes, giving owners another way to raise money for stadium projects and estate planning.

For an owner, a minority sale brings in cash without handing over control. For a fund, it's a way into a franchise without running one. Both sides have a reason to talk, which is why the approved list matters, because a firm that isn't on it can't be the buyer.

How high have NFL team prices gone?

Prices are high enough to explain the interest. According to Benzinga, the Seattle Seahawks recently sold for a record $9.6 billion, topping the roughly $6 billion paid for the Washington Commanders in 2023.

Apollo already has a foothold in baseball. The same Benzinga report says Apollo Sports Capital is providing $2.6 billion in debt and equity financing to Yankee Global Enterprises, the New York Yankees' holding company. Yahoo Finance adds that the NFL has also been talking with several other private equity firms, so Blackstone and Apollo wouldn't be alone in the queue.

What does this mean for an accredited investor?

Mostly it's a signal about where institutional money is heading, not an opening for individuals. The reporting describes talks between two large managers and a league. It says nothing about a fund, a feeder or a minimum check that an individual could use.

If a sponsor starts marketing a sports-team vehicle off this news, go downside first. Start with the fee layers, the lockup and who buys the stake when the fund needs to exit. A franchise has a short list of possible buyers, so the exit deserves more scrutiny than the headline.

Liquidity is where big-manager products get tested. For background, see our coverage of redemption limits at Apollo's private credit fund and our coverage of redemption limits at Blackstone's BCRED. For another route into manager economics, read our look at the GP stakes boom.

Question	What the reporting says	What it doesn't say
Are the talks real?	Preliminary talks with the NFL, per people familiar	Any confirmation from the firms or the league
When could approval come?	Not expected in the near term, possibly into next year, per one of the people	A firm date
Is a team deal lined up?	Firms would likely need one first	Which team
Can individuals invest?	Not addressed	Any retail or feeder access

The gaps in the right-hand column are the story for now. Until a team, a price and a structure exist, there's nothing to underwrite.

Common mistakes when reading this kind of story

Anonymous sourcing is not a filing. People familiar with the matter can be right, but neither firm has said anything on the record in the reporting reviewed here.

Approval also doesn't mean a purchase. Getting on the list only makes a firm eligible, and it still has to find a team willing to sell a minority stake at a price that works.

A record sale price tells you what one buyer paid for one team. It tells you nothing about what an outside investor keeps after fees and years of waiting, so don't read it as a return.

FAQ

Are Blackstone and Apollo approved to buy NFL team stakes? Not yet. Bloomberg reports they're in preliminary talks to join the approved list, and both would likely need a team deal before the league finishes its process.

Which team would they buy into? The reporting doesn't say. No franchise has been named in the coverage reviewed.

When did the NFL allow private equity ownership? The league adopted its policy in 2024, per Benzinga. It lets approved private equity firms buy minority stakes in teams.

Can I invest alongside them? Nothing in the reporting says so. Angel Investors Network doesn't sell or allocate securities, and no vehicle for individuals has been described.

What to do today

If a sponsor pitches you a sports-team fund this week, ask for three things in writing before any conversation about a check: the full fee stack, the lockup terms, and the named buyers the sponsor expects at exit. For more reporting like this, sign up for the free AIN briefing.

Educational content only. Not investment, tax, or legal advice. Not an offer or solicitation to buy or sell securities. Past performance does not guarantee future results. Private-market investments are illiquid and involve risk of loss, including total loss of capital. Consult qualified advisers. Angel Investors Network is not a broker-dealer or investment adviser.