The NFL could approve the framework for private equity investment in franchises before the regular season starts, as owners and league officials continue to make progress on the long-awaited move.

It’s been expected that the NFL would change its ownership policies to allow institutional investors to buy minority team stakes by the end of this year. A logical time frame would have been the next owners meetings in Atlanta on Oct. 15–16. But with loose parameters like a 10% stake limit for private equity firms already in place, that process is being sped up. A special meeting has been called, according to multiple reports, in Minneapolis on Aug. 27—nine days before the Ravens and Chiefs kick off the 2024 season in Kansas City.

Should team owners decide to vote on private equity investment—and approve the motion, next week—franchises could start seeing major cash windfalls by the end of the year.

Moving the Chains

No minority franchise stake sales have been publicly announced since Josh Harris led a group that purchased the Commanders for $6.05 billion last summer. As part of that deal, Harris and fellow Washington co-owner David Blitzer were required to sell their stake in the Steelers. That process is either still ongoing, or was worked out behind closed doors. They were in “advanced talks” to sell their minority stake “to an existing investor group led by Art Rooney and Thomas Tull,” according to Bloomberg back in late February.

Earlier this year, Bills owner Terry Pegula announced he was exploring the potential sale of a non-controlling, minority stake in the team. Eagles owner Jeffrey Lurie is also said to be weighing a minority stake sale that could value Philadelphia at $7.5 billion, according to Bloomberg. 

Dolphins owner Stephen Ross has been linked to multiple potential deals. Last fall, he was reportedly exploring bringing on a new limited partner. And this spring ahead of the Formula One Miami Grand Prix at Hard Rock Stadium, Ross was said to have entertained a $10 billion offer for his sporting assets. 

Raiders owner Mark Davis is still trying to bring Tom Brady on as a minority owner, but private equity may not be part of that deal. If and when the NFL green-lights its new policies, though, most of the above deals—and more—could be a lot easier to complete.

Whether the USL Super League ultimately will be able to coexist successfully with the NWSL remains to be seen. But the newly formed women’s pro soccer league made a strong first impression with fans, and in the marketplace. 

Nearly six months after receiving Division I sanctioning from the U.S. Soccer Federation—the same designation the NWSL has—the eight-team USL Super League began play this past weekend with three well-attended games, each marked by strong fan energy.

The Carolina Ascent (above) drew a sold-out crowd of 10,553 on Saturday for their 1–0 victory over DC Power FC at American Legion Memorial Stadium in Charlotte. Spokane Zephyr FC similarly sold out the 5,000-capacity One Spokane Stadium for a 1–1 draw against Fort Lauderdale United FC. And the Tampa Bay Sun FC closed out the inaugural weekend by posting its own sold-out crowd of more than 5,200 on Sunday at Riverfront Stadium for a 1–1 draw against the Dallas Trinity. 

“[It was a] really, really great crowd. It was phenomenal to see the city show up and show out,” said Ascent head coach Philip Poole. “We’ve talked from Day One about having a connection to our community, and how our city repaid us tonight, it was phenomenal.”

Market Realities

As the USL Super League continued its preparations to start play, some industry chatter focused on the need to coalesce around a single women’s pro soccer league, not unlike how two competing women’s hockey leagues ultimately merged to form the Professional Women’s Hockey League. 

Despite that chatter and the NWSL’s own meteoric growth, the USL Super League has moved forward with its own plan, even striking a recent media-rights deal with Peacock.

“I commend the NWSL. They’ve come a long way. Obviously, they’re doing great. Now, that’s not the only option,” USL Super League president Amanda Vandervort told The Women’s Game podcast.  “Our goal is to build a long-term, sustainable professional women’s soccer league where players excel at the highest level, and it supports the development of our national team.”