NFL owners have approved a new rule that allows private equity firms to purchase up to a 10% share in a team, as announced by the league on Wednesday.

The NFL has given its initial approval to firms like Ares Management ARES.N, Arctos Partners, Sixth Street, as well as a partnership including Blackstone BX.N, Carlyle CG.O, CVC, and Dynasty Equity.

At a special meeting in Eagan, Minnesota, the 32 NFL owners were informed that these private equity firms plan to invest a total of $12 billion, which will include leveraged capital.

Notably, the NFL is the only major sports league in North America that traditionally forbids private equity ownership of teams. In contrast, the NBA, NHL, Major League Baseball, and Major League Soccer allow teams to sell up to 30% of their equity to investment funds.

The most recent NFL franchise sold was the Washington Commanders, which fetched a record-breaking price of $6.05 billion.

As franchise valuations continue to soar, private equity may present a viable option for future team sales within the league.