A report says the talks are early and that the firms would probably need a specific team transaction lined up first. NFL rules allow funds to own up to 10% of a team in aggregate. Neither firm has announced a deal.
The NFL opened its franchises to private equity two years ago. Two of the largest buyers have not yet been approved to participate.
According to a report on Wednesday, Blackstone and a unit of Apollo Global Management are in preliminary talks with the league about joining its list of approved private equity investors, a requirement for buying minority stakes in teams. The talks are early, and the firms would probably need to line up a specific team transaction first, the report said. Approval is not imminent. The firms have not announced anything.
What the rules allow
NFL owners voted in 2024 to allow private equity funds to buy stakes in teams. Under the league's rules, funds may own up to 10% of a team in aggregate.
Blackstone has been in this position before. In May 2025, Blackstone and CVC stepped back from an approved private equity investment consortium. Wednesday's report describes Blackstone returning to talks with the league.
Apollo's sports push
Apollo has been active in sports financing. Its sports arm, Apollo Sports Capital, has agreed a $2.6 billion financing with the New York Yankees.
What is not known
The report did not name a team or a stake size, and neither firm has said what it would pay. The approval process, and whether the league would require a specific team deal first, is not public.
Two readings
One reading is that sports is a growing business for the largest managers. Both firms are already involved in the sector, and approval would give them access to the most valuable league in American sports.
The other reading is that the constraints are tight. A 10% cap in aggregate limits any fund's stake, approval is early and tied to a specific deal, and a firm that has already walked away from one consortium has shown it can change course.
What to watch
Any statement from the league, Blackstone or Apollo; a named team or stake; whether other firms already on the approved list change their positions; and Blackstone's third-quarter report on Thursday, Oct. 22, for any comment on sports investing. A deal naming a team would be the first concrete step.