Connect with us

News

Private equity firms Ares and Arctos buy NFL team stakes

Published

on

Private equity firms Ares and Arctos buy NFL team stakes

Stay informed with free updates

The $4tn private equity industry has struck its first two deals to buy stakes in National Football League teams as Wall Street’s most powerful funds eye long-term investments in the world’s most profitable sports league.

Ares Management on Wednesday acquired a 10 per cent stake in the NFL’s Miami Dolphins franchise. Arctos, a sports-focused private equity investor, led a group that purchased a minority equity stake in the Buffalo Bills, based in upstate New York and owned by oil billionaire Terry Pegula, father of US tennis star Jessica Pegula.

The NFL approved the two deals at its owners’ meeting in Dallas, ushering in a new era when Wall Street investment funds will be allowed to own direct stakes in popular and valuable US football teams.

Advertisement

The deals are the first in what investors expect will be a torrent of similar minority investments in the coming years, after NFL owners approved major changes to ownership rules in August and permitted private equity groups to invest in teams.

Ares, which manages nearly $500bn in assets, is buying its minority stake from Dolphins owner and billionaire real estate mogul Stephen Ross at a valuation of $8.1bn, said people briefed on the deal.

In addition to a stake in the football team, Ares and other investors in the group — including Alibaba co-founder Joe Tsai — will own minority stakes in the Dolphins’ Hard Rock Stadium in Miami and the Formula One Miami Grand Prix.

Finance firms have long hoped to invest in the NFL. “It’s the most valuable global sports property from an economic standpoint,” said one prominent dealmaker, who also noted investors have been drawn to the consistency of team profits and the belief new revenue streams will generate rising cash flows to ownership groups.

NFL teams also carry unleveraged balance sheets, making the investments recession-resistant. “The cap tables are not what we are used to seeing in a traditional leveraged buyout,” said another dealmaker. Team values are priced at multiples of about nine to 12 times revenues, said people familiar with the matter, who noted those can go higher or lower depending on whether a team owns their stadium.

Advertisement

Buying an NFL franchise outright is beyond even some of the world’s richest people, as valuations have soared. That has strengthened the case for allowing buyout firms to enter the ownership ecosystem to smooth the sales process for existing owners and facilitate liquidity.

The average NFL team was worth roughly $5.9bn in Sportico’s valuations report in August, an increase of more than 15 per cent on last year, bolstered by the league’s domestic media rights, which are worth $110bn over the 11 years through 2033.

Arctos and Ares have a long record of investing in sports teams around the globe.

Dallas-based Arctos has minority stakes in several baseball teams, including the Los Angeles Dodgers and the San Francisco Giants, and basketball franchises such as the Utah Jazz. Last year the firm acquired stakes in the Qatari-owned football team Paris Saint-Germain and Aston Martin F1. The firm’s co-founder Ian Charles told the Financial Times earlier this year it planned to focus future investment in North America after it raised a new $4.1bn fund in April.

Ares, which specialises in credit, has completed deals with several football teams including Chelsea, Olympique Lyonnais and Inter Miami. In 2022, it raised $3.7bn for a fund dedicated to sport and media investments. It has also backed the McLaren Racing F1 team.

Advertisement

Ares and Arctos were among a small group of private equity firms the NFL approved as potential buyers. The others were Sixth Street and a consortium made up of Blackstone, Carlyle, CVC, Dynasty Equity and Ludis.

The NFL stipulated that firms are only permitted to buy up to 10 per cent of any individual team, and blocked so-called preferred equity deals that give certain shareholders superior rights such as first dibs on dividends.

News

Video: Welcome to Rennie Harris’s Dance Floor

Published

on

Video: Welcome to Rennie Harris’s Dance Floor

new video loaded: Welcome to Rennie Harris’s Dance Floor

The acclaimed hip-hop choreographer Rennie Harris’s production “American Street Dancer” brought Detroit Jit, Chicago Footwork and Philly GQ to the stage. We invited cast members to showcase the three street dance styles.

By Chevaz Clarke and Vincent Tullo

January 5, 2026

Continue Reading

News

Trial begins for officer accused of failing to protect children during Uvalde shooting

Published

on

Trial begins for officer accused of failing to protect children during Uvalde shooting

Flowers and candles are placed around crosses to honor the victims killed in a school shooting, May 28, 2022, outside Robb Elementary School in Uvalde, Texas.

Jae C. Hong/AP


hide caption

toggle caption

Advertisement

Jae C. Hong/AP

CORPUS CHRISTI, Texas — One of the first police officers to respond to the 2022 school shooting in Uvalde, Texas, goes on trial Monday on charges that he failed to protect children during the attack, when authorities waited more than an hour to confront the gunman.

Adrian Gonzales, a former Uvalde schools officer, faces 29 counts of child abandonment or endangerment in a rare prosecution of an officer accused of not doing more to stop a crime and protect lives.

The teenage gunman killed 19 students and two teachers at Robb Elementary in one of deadliest school shootings in U.S. history.

Advertisement

Nearly 400 officers from state, local and federal law enforcement agencies responded to the school, but 77 minutes passed from the time authorities arrived until a tactical team breached the classroom and killed the shooter, Salvador Ramos. An investigation later showed that Ramos was obsessed with violence and notoriety in the months leading up to the attack.

Gonzales and former Uvalde schools police chief Pete Arredondo were among the first on the scene, and they are the only two officers to face criminal charges over the slow response. Arredondo’s trial has not yet been scheduled.

The charges against Gonzales carry up to two years in prison if he is convicted. The trial, which is expected to last up to three weeks, begins with jury selection.

Gonzales pleaded not guilty. His attorney has said Gonzales tried to save children that day.

Police and Texas Gov. Greg Abbott initially said swift law enforcement action killed Ramos and saved lives. But that version quickly unraveled as families described begging police to go into the building and 911 calls emerged from students pleading for help.

Advertisement

The indictment alleges Gonzales placed children in “imminent danger” of injury or death by failing to engage, distract or delay the shooter and by not following his active shooter training. The allegations also say he did not advance toward the gunfire despite hearing shots and being told where the shooter was.

State and federal reviews of the shooting cited cascading problems in law enforcement training, communication, leadership and technology, and questioned why officers waited so long.

According to the state review, Gonzales told investigators that once police realized there were students still sitting in other classrooms, he helped evacuate them.

Some family members of the victims have said more officers should be indicted.

“They all waited and allowed children and teachers to die,” said Velma Lisa Duran, whose sister Irma Garcia was one of the two teachers who were killed.

Advertisement

Prosecutors will likely face a high bar to win a conviction. Juries are often reluctant to convict law enforcement officers for inaction, as seen after the Parkland, Florida, school massacre in 2018.

Sheriff’s deputy Scot Peterson was charged with failing to confront the shooter in that attack. It was the first such prosecution in the U.S. for an on-campus shooting, and Peterson was acquitted by a jury in 2023.

At the request of Gonzales’ attorneys, the trial was moved about 200 miles (320 kilometers) southeast to Corpus Christi. They argued Gonzales could not receive a fair trial in Uvalde, and prosecutors did not object.

Uvalde, a town of 15,000, still has several prominent reminders of the shooting. Robb Elementary is closed but still stands, and a memorial of 21 crosses and flower sits near the school sign. Another memorial sits at the downtown plaza fountain, and murals depicting several victims can still be seen on the walls of several buildings.

Jesse Rizo, whose 9-year-old niece Jackie was one of the students killed, said even with three-hour drive to Corpus Christi, the family would like to have someone attend the trial every day.

Advertisement

“It’s important that the jury see that Jackie had a big, strong family,” Rizo said.

Continue Reading

News

Cuba says 32 Cuban fighters killed in US raids on Venezuela

Published

on

Cuba says 32 Cuban fighters killed in US raids on Venezuela

Havana declares two days of mourning for the Cubans killed in US operation to abduct Nicolas Maduro.

Cuba has announced the death of 32 ⁠of its ​citizens during the United States military operation to abduct and detain Venezuelan President Nicolas Maduro and his wife in Caracas.

Havana said on Sunday that there would be two days of mourning on ‌January 5 and ‌6 in ⁠honour of those killed and that ‌funeral arrangements would be announced.

Recommended Stories

list of 4 itemsend of list

The state-run Prensa Latina agency said the Cuban “fighters” were killed while “carrying out missions” on behalf of the country’s military, at the request of the Venezuelan government.

The agency said the slain Cubans “fell in direct combat against the attackers or as a result of the bombing of the facilities” after offering “fierce resistance”.

Advertisement

Cuba is a close ally of Venezuela’s government, and has sent military and police forces to assist in operations in the Latin American country for years.

Maduro and his wife have been flown to New York following the US operation to face prosecution on drug-related charges. The 63-year-old Venezuelan leader is due to appear in court on Monday.

He has previously denied criminal involvement.

Images of Maduro blindfolded and handcuffed by US forces have stunned Venezuelans.

Venezuelan Minister of Defence General Vladimir Padrino said on state television that the US attack killed soldiers, civilians and a “large part” of Maduro’s security detail “in cold blood”.

Advertisement

Venezuela’s armed forces have been activated to guarantee sovereignty, he said.

‘A lot of Cubans’ killed

US President Donald Trump, speaking to reporters on board Air Force One on Sunday, said that “there was a lot of death on the other side” during the raids.

He said that “a lot of Cubans” were killed and that there was “no death on our side”.

Trump went on to threaten Colombian President Gustavo Petro, saying that a US military operation in the country sounded “good” to him.

But he suggested that a US military intervention in Cuba is unlikely, because the island appears to be ready to fall on its own.

Advertisement

“Cuba is ready to fall. Cuba looks like it’s ready to fall. I don’t know how they, if they can, hold that, but Cuba now has no income. They got all of their income from Venezuela, from the Venezuelan oil,” Trump said.

“They’re not getting any of it. Cuba literally is ready to fall. And you have a lot of great Cuban Americans that are going to be very happy about this.”

The US attack on Venezuela marked the most controversial intervention in Latin America since the invasion of Panama 37 years ago.

The Trump administration has described Maduro’s abduction as a law-enforcement mission to force him to face US criminal charges filed in 2020, including “narco-terrorism” conspiracy.

But Trump also said that US oil companies needed “total access” to the country’s vast reserves and suggested that an influx of Venezuelan immigrants to the US also factored into the decision to abduct Maduro.

Advertisement

While many Western nations oppose Maduro, there were many calls for the US to respect international law, and questions arose over the legality of abducting a foreign head of state.

Left-leaning regional leaders, including those of Brazil, Colombia, Chile and Mexico, have largely denounced Maduro’s removal, while countries with right-wing governments, from Argentina to Ecuador, have largely welcomed it.

The United Nations Security Council plans to meet on Monday to discuss the attack. Russia and China, both major backers of Venezuela, have criticised the US.

Beijing on Sunday insisted that the safety of Maduro and his wife be a priority, and called on the US to “stop toppling the government of Venezuela”, calling the attack a “clear violation of international law“.

Moscow also said it was “extremely concerned” about the abduction of Maduro and his wife, and condemned what it called an “act of armed aggression” against Venezuela by the US.

Advertisement
Continue Reading

Trending