The Buffalo Bills and Miami Dolphins made National Football League history on Wednesday as they became the league’s first clubs to sell a stake in their team to private equity firms.
The minority, non-controlling interests, which mean the firms do not have any voting or real decision-making power with the teams, were approved earlier on Wednesday at the NFL league meetings in Dallas, Texas.
Buffalo, who have a commanding four-game lead over Miami in the AFC East division with four weeks left in the regular season, sold a stake to Arctos Partners while Ares Management is acquiring a piece of the Dolphins.
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