In August 2024, the NFL approved allowing private equity ownership of its 32 teams. The Miami Dolphins and Buffalo Bills kicked off sales of minority-stakes to private investment firms after receiving approval from the league in December 2024.
A big part of this conversation revolved around private equity investments, especially with the Dolphins and Bills actively making deals and sharing minority stakes. Pompliano asks Epstein what she’s looking out for in 2025 regarding all of this. She says to look to real estate for the Dolphins and Bills.
“What’s so interesting is the amount that [the Bills] sold to private equity is very similar to the amount that their stadium budget came in over estimate,” Epstein explains. “I’’m not saying that is the number one reason or even maybe the primary reason that the Buffalo Bills were selling the state to private equity, but I think we could be seeing this model where if teams are trying to get the funding for stadiums and they don’t want to wait – rather than having a debt model – they could say we can go get this money from private equity, maybe hurt our future revenue, but we don’t have to hold up the progress on the stadium.”
