Robert Kraft and his family are selling a minority stake in the New England Patriots for the first time since they purchased the team in 1994, according to a report.
The Krafts plan to divest 8% of the franchise, including a deal to sell 3% to private equity group Sixth Street, who recently acquired part of the Boston Celtics.
Ben Fischer of Sports Business Journal broke the news and shared further details of the plan: billionaire Dean Metropoulos will hold the other 5% of ownership up for grabs.
According to Fischer, the Krafts have "no intention of relinquishing control of the team." CNBC estimates the worth of the franchise to be north of $9 billion, making it the fifth most valuable team in the NFL.
The deal comes after the league agreed to a 2024 NFL private equity policy, opening the door to such types of investments. Under the new rule, private equity firms can hold minority stakes worth up to 10% of an NFL franchise's overall worth. Investors must reach a 3% minimum stake, and a maximum of six firms are allowed investment in one franchise.