The Patriots have become the latest team to agree to sell a minority stake of the franchise to outside investors.
According to reports from Sportico and Sports Business Journal, they have agreed to sell eight percent of the franchise in a deal that will set the valuation of the overall franchise at over $9 billion. The Giants recently struck a similar deal that set their valuation at an league-high $10 billion.
Patriots owner Robert Kraft paid $172 million for the Patriots in 1994 in what was the highest sale price for a sports franchise at that time. Given a $9 billion valuation, the eight percent stake would be worth $720 million.
Five percent of the team will be purchased by billionaire investor Dean Metropoulus and the other three percent will be purchased by the private equity firm Sixth Street Partners. Sixth Street was one of the firms permitted to invest in teams when NFL ownership voted to allow private equity investment into teams last year.
NFL owners will have to vote to approve the sale. The next league meetings are set for October 21 and 22.
