Patrick Smith/Getty Images; iStock; BI

But the ultimate prize in sports is untouchable for all but a select few.

The NFL, the most popular league in the US by a long shot, has strict ownership rules against PE firms investing. It also requires the lead investor of a group to pay for at least a 30% stake in the team.

That kind of exclusivity comes with downsides. A limited pool of potential owners equals less competition, meaning owners looking to sell might not get the best deal possible.

That realization seems to have set in after the recent sale of two teams — the Denver Broncos and the Washington Commanders. The NFL is re-examining its ownership rules, according to a September report from the Washington Post.

Potential changes to team ownership come as the NFL’s popularity is at an all-time high. Peacock reportedly nabbed 2.8 million new subscribers after primarily streaming an NFL playoff game on the platform.

This year’s Super Bowl is also shaping up to be big. The average ticket for the game has ballooned up to $11,000. The location (Las Vegas) and participating teams (Kansas City Chiefs and San Francisco 49ers) have played a part. And a certain megastar’s likely attendance at the game will drive even more eyeballs.

Of course, sports ownership isn’t all fun and games. Just ask hedge fund billionaire David Tepper, whose tenure owning the NFL’s Carolina Panthers has been less than ideal.