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The NFL has long eschewed private equity investment. 2 teams just changed that

Dolphins, Bills open up to private equity limited stakes in ownership

LAS COLINAS, Texas — A crack in the NFL’s longstanding ownership policy has emerged.

Private equity investors gained limited control of the Miami Dolphins and Buffalo Bills after a Wednesday morning vote of approval among team ownership groups.

The Bills added private equity firm Arctos as one of 10 limited partners in the franchise’s first shift to a model that includes minority owners. They also added non-controlling ownership members that include private equity firm managing partners and former athletes.

Basketball Hall of Famers Vince Carter and Tracy McGrady are two of the Bills’ new limited partners.

The Dolphins also sold to a mix of private equity and limited partner groups.

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.

Both deals were pending final closing of the agreements as of Wednesday morning.

The Dolphins’ deal included the sale of 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.

The NFL approved ownership transactions for four total teams on Wednesday, as the Philadelphia Eagles and Las Vegas Raiders each sold non-controlling interests to limited partners.

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.