NFL owners have approved a significant policy change allowing private equity firms to buy up to 10% stakes in teams, a move that could lead to nine-figure transactions and increase team valuations. This decision aligns the NFL with other major U.S. sports leagues, although it maintains stricter limits, allowing only a maximum of 10% ownership by a single fund compared to higher caps in the NBA and MLB. The approved funds include notable names such as Blackstone and Carlyle, which signals a shift towards opening up ownership to institutional investors. However, this influx of private equity is primarily aimed at enhancing liquidity for owners rather than directly funding team operations. Analysts suggest this change could create a better market for limited partner stakes, making it easier for existing owners to sell their shares. Overall, this strategic move reflects the NFL's cautious approach to expanding ownership structures while still prioritizing control by individual team owners.