Apollo (APO) and Blackstone (BX) are reportedly in talks for NFL approval to purchase teams

Apollo (APO) and Blackstone (BX) are reportedly in talks for NFL approval to purchase teams.

The NFL was the last major US league to admit institutional capital, having historically restricted ownership to individuals and families, and its move to allow private equity minority stakes came with tight guardrails: capped fund ownership percentages, passive-only positions, and a short list of pre-approved firms. Talks of this kind therefore follow an established sequence, with league vetting of the fund's structure, capital source and lockup terms preceding any team-level negotiation, and approval from existing owners required at both stages. For Apollo and Blackstone, the precedent set by earlier entrants into sports ownership is that deals tend to be structured as minority limited partner positions in holding vehicles rather than direct control, given league rules on governance and debt. The pattern across leagues that opened to institutional money has been a slow first wave of transactions that set valuation benchmarks, followed by broader deal flow as ownership structures become standardised. What is worth tracking is whether the talks concern new fund vehicles dedicated to sports assets or allocations from existing flagship strategies, and how the league treats the firms' broader portfolios given its scrutiny of conflicts. As reported talks rather than a formal application, the signal is early-stage.