(Bloomberg) -- The NFL entered a new era on Wednesday by allowing the first investment by a private equity firm in a team.
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League owners voted to approve Arctos Partners acquiring a 10% piece of the Buffalo Bills, according to people familiar with the proceedings. There will also be a vote on the Miami Dolphins selling a stake to Ares Management.
The move has the potential to boost team valuations that had already been surging. Owners have said adding another pool of deep-pocketed investors will help fund big projects like stadium renovations.
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