Philadelphia Eagles owner Jeffrey Lurie received approval from the NFL on Wednesday to sell an eight percent interest in the team to two family investment groups, a league source told The Athletic.
The Eagles were valued at $8.3 billion in the deal, which means Lurie, who maintains complete control of the franchise he purchased in 1994 for $195 million, will receive hundreds of millions in available cash for giving two seats at the ownership table to investors who believe the league’s success will yield significant returns.
Lurie has not publicly disclosed his intentions for the influx of mammoth funds. An Eagles spokesperson declined to comment on the sale and its implications. NFL owners voted in August to expand the league’s rules to allow private equity firms to buy a limited amount of stakes in teams.
That change meant more owners could pursue additional money to perform stadium upgrades and other facility projects. Lurie considered private equity firms as potential investment partners, a league source said, but he ultimately chose to finalize the deal with traditional investors.
Zac Peskowitz and Olivia Pesokitz Suter, the children of former Atlanta Hawks co-owner Ed Peskowitz, are buying a stake in the Eagles. Susan Kim, the chairwoman of the board for Amkor Technology, is buying the other stake. NFL rules permit no more than 25 limited partners. Lurie hired U.S.-based merchant bank BDT & MSD as his financial advisor.
This story will be updated.
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