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Fortune

Luisa Beltran

NFL allows Miami Dolphins and Buffalo Bills to add private equity owners

Bills NFL Dolphins Arctos NBA Stephen Ross Terry Pegula Tracy McGrady Vince Carter ARES

(Credit: Courtesy of Erick W. Rasco / Getty Images)

In a first for the National Football League, two private equity firms, Ares Management and Arctos Partners, have clinched separate deals to buy minority stakes in two franchises. Ares is investing in the Miami Dolphins while Arctos Partners is taking a chunk of the Buffalo Bills.

The NFL approved the non-controlling, minority investments during an owners meeting Wednesday in Dallas. Arctos is buying roughly 10% of the Bills, a person familiar with the situation told Fortune. Nine executives are also acquiring separate stakes in the Bills, including Rob Palumbo, co-managing partner of Accel-KKR, and NBA hall-of-famers Vince Carter and Tracy McGrady.

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