NFL and General Atlantic form joint venture for media and sports tech

The NFL has approved a new joint venture between its in-house investment arm, 32 Equity, and private equity giant General Atlantic to establish an expanded funding vehicle targeting media, sports, and technology assets. Team owners endorsed the partnership during their October meeting in New York, setting the stage for a formal capital raise presentation to investors in early 2027.

General Atlantic Partnership Expands 32 Equity

The newly approved structure allows the NFL to act as a general partner in the vehicle. This arrangement grants team owners a dual financial return comprising both equity appreciation and carried interest from the targeted investments. Under the league’s economic model, these profits bypass the shared revenue streams subject to the player salary cap, routing proceeds directly to the 32 franchise ownership groups. PJT Partners advised 32 Equity on the transaction.

General Atlantic brings substantial financial backing to the arrangement, managing approximately $130 billion in assets. The private equity firm and 32 Equity stated in a joint disclosure that the partnership aims to cultivate new avenues for consumer interaction with sports. The initiative also supports the league’s broader international expansion goals, which include staging additional regular-season games outside the United States.

Growth From Initial Capital to Global Portfolio

The agreement builds upon more than a decade of corporate venturing by 32 Equity. Launched in 2013 with a modest capital commitment of $1 million per franchise, the platform expanded through subsequent funding rounds in 2019 and 2022. This platform was thus grown to a value of approximately $250 million through two subsequent funding rounds staged in 2019 and 2022. Pitchbook records indicate the portfolio holds stakes in 42 companies, including e-commerce platform Fanatics, hospitality provider On Location, mobile gaming platform Skillz, and streaming service participant DAZN through EverPass.

Eleven months prior to the vote, Chief Financial Officer Christine Dorfler discussed ongoing evaluations regarding how to expand 32 Equity. Additional reporting from Sportico noted that several club executives advocated for a larger fund structure to increase operational capacity and secure more aggressive deployment of capital.

Contrasting League Investment Models

The NFL’s push into private equity mirrors broader venture strategies deployed across major North American sports leagues. Major League Baseball maintains investments in media ventures such as Jomboy Media, while Major League Soccer operates an Emerging Ventures division holding stakes in collectible and ticketing platforms. The National Basketball Association also runs an active startup portfolio targeting digital fan engagement technologies, and the NBA maintains a platform holding shares in startups such as Nextiles and Sorare, while the MLS Emerging Ventures division owns stakes in Sorare, Nobull, SeatGeek, and Fanatics.

Monetization within 32 Equity has historically occurred selectively. The league divested its stake in payment software provider Appetize in 2021 for $450 million, while Skillz transitioned to public markets via a special purpose acquisition company in 2020. The remaining assets have appreciated in value over the past decade while largely remaining in the league’s portfolio.

The collective valuation of the 32 NFL franchises exceeds $22 billion, underpinned by annual league revenues of approximately $23 billion generated through broadcasting rights, digital streaming, sponsorships, and stadium operations.

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