Ken Lefkowitz Discusses NFL Private Equity Investments and Changing Team Ownership Structures
NFL teams weigh new ownership structures as private equity enters the league.
Highlights
The article examines how the Green Bay Packers' publicly owned structure limits the franchise's ability to raise capital through private equity investments.
Lefkowitz discusses the legal and structural constraints that have preserved the Packers' unique ownership model, including securities laws, NFL ownership rules and the team's governing documents.
Ken Lefkowitz discussed the Green Bay Packers’ unique ownership structure and the evolving landscape of NFL team ownership amid increasing private equity investment with Puck News.
The article examines how the Packers, unlike other NFL franchises, are unable to raise capital through private equity investments due to restrictions associated with their publicly owned model.
It also explores broader questions surrounding NFL ownership rules, including whether teams could potentially access public markets through IPOs, as the league increasingly permits approved private equity funds to acquire minority interests in franchises.
Discussing the Packers’ ownership structure, Lefkowitz explained why the model no longer provides the same fundraising advantages it once did because of overlapping constraints imposed by securities law, NFL ownership rules, and the Packers’ own charter and bylaws.
“Economically, it’s basically a charity,” Lefkowitz said. “Back in the old days, that structure was good for raising a few million to survive. Now, you need so much more, which is why private equity is arriving.”
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