Barcelona backer Sixth Street invests in NFL’s New England Patriots
FC Barcelona investor Sixth Street is set to acquire a minority stake in the New England Patriots in a deal that values the NFL franchise at $9bn (£6.7bn).
Sixth Street is buying three per cent of the Patriots and Greek-American billionaire Dean Metropoulos five per cent, according to reporting by Sportico.
The Patriots’ long-time owners, the Kraft family, will continue to hold more than 90 per cent of shares in the franchise.
It is the latest move into sport by Sixth Street, which invested in Barcelona in return for 25 per cent of future media rights when the Spanish club had cash-flow worries in 2022.
The US firm also has an association with Barca’s rivals Real Madrid, through its hospitality company Legends, to improve the club’s revamped Santiago Bernabeu stadium.
In addition it has minority interests in two NBA franchises: San Antonio Spurs, alongside tech billionaire Michael Dell, and Boston Celtics, as part of this year’s Bill Chisholm-led takeover.
Sixth Street was also the lead institutional investor in Bay FC, the franchise which joined US women’s football league the NWSL in 2023.
How do NFL private equity rules work?
It comes after the NFL relaxed its ownership rules to allow an approved list of private equity firms to buy stakes in franchises for the first time last year.
The rules state that private equity stakes must be a minimum of three per cent and maximum of 10 per cent in a single team.
Firms are permitted to hold stakes in up to six different NFL teams, must hold the equity for at least six years and are not permitted to have any voting rights in team matters.
As well as Sixth Street, Paris Saint-Germain investor Arctos Partners, Chelsea and Atletico Madrid backer Ares Management, and a group led by Curtis Martin which includes Blackstone, Carlyle Group, CVC Capital Partners, Dynasty Equity and Ludis.
The NFL’s 10 per cent cap on private equity stakes is smaller than other US sports leagues, with the NBA and MLB allowing 20 and 30 per cent ownership respectively.