Apollo Sports Capital has made its ambitions to invest in the NFL increasingly clear, but the sports investment firm faces a significant hurdle: it is not currently on the league’s approved list of private-equity investors.
Apollo Sports Capital (ASC) Chief Strategy Officer Sam Porter said on September 15 that the NFL is an asset the company wants to explore. Speaking at the Front Office Sports Asset Class event in New York, Porter pointed to the league’s enormous audience, strong connection with American consumers and global growth ambitions.
He said Apollo could potentially work with an NFL franchise through a partnership or another investment structure, adding that the company remains in the early stages of exploring the opportunity.
Five days earlier, ASC CEO Al Tylis had also identified the NFL as a potential target, saying the company was interested in major sports properties around the world, “which clearly includes the NFL.”
The challenge is that Apollo has yet to receive approval to invest in NFL franchises.
NFL’s private-equity list has become more restrictive
The NFL introduced its private-equity ownership framework in August 2024, but the list of approved investors has subsequently become smaller rather than larger.
Blackstone and CVC exited the Curtis Martin-led consortium in May 2025. The approved group now consists of Arctos, Sixth Street and Ares, alongside a reduced consortium involving Dynasty Equity, Carlyle and Ludis.
The NFL has not established a public process for admitting new private-equity firms or announced plans to expand the list.
The existing investors were vetted by the NFL Finance Committee in 2024, following work by a special ownership committee established the previous year.
Any expansion of the approved investor list would likely require approval from at least three-quarters of NFL team owners.
Apollo’s existing model could create complications
NFL rules place strict limits on how private-equity investors can participate in franchise ownership.
Under the current framework, an approved firm must have at least $2 billion in committed capital, cannot receive governance rights or preferred equity, and must hold an investment for at least six years.
Investments in individual teams must be between 3% and 10%, while no more than 20% of a fund’s capital can be invested in any single franchise. The combined private-equity ownership in one team is also capped at 10%.
An investor can hold stakes in no more than six teams, while individual transactions require separate NFL approval. Investors must also share a portion of profits generated from their NFL holdings with the league.
Some elements of Apollo Sports Capital’s existing portfolio could make those requirements particularly relevant.
ASC has permanent capital, meaning the NFL’s six-year minimum holding period would likely be less of a constraint. However, the unit invests heavily in credit and hybrid transactions, while two of its major sports investments involve more active ownership structures.
ASC is the majority owner of Atlético Madrid. Separately, if a reported $2.6 billion financing deal involving Yankee Global Enterprises, owner of the New York Yankees, proceeds, ASC CEO Al Tylis is expected to take a board seat.
The New York Post has also reported that the Yankees transaction includes both common equity and preferred stock.
Those structures differ from the passive ownership model required by the NFL’s private-equity framework.
Apollo’s interest comes as NFL opens further to institutional capital
Apollo’s interest reflects the growing role of institutional capital in professional sports, while the NFL continues to balance access to outside funding with restrictions designed to preserve control within its ownership structure.
For Apollo, gaining access to the NFL would add one of the world’s most valuable sports properties to a portfolio that already spans major football and baseball assets.
For the league, the question is whether its current private-equity framework can accommodate additional investors with different capital structures and more active ownership models.
The NFL will hold its Fall League Meeting in New York on October 20-21. The agenda has not yet been publicly disclosed.