Sherwood News

The NFL just opened itself up to some very deep-pocketed investors

After all, there are only so many billionaires to buy teams

8/28/24 9:58AM

Yesterday, a special meeting of the 32 NFL team owners approved a measure allowing select private equity firms to purchase up to a 10% stake in a team, loosening a long-standing ownership restriction.

The move comes as NFL franchises reach stratospheric valuations, with the Dallas Cowboys — a team that hasn't clinched a Super Bowl since 1996 — recently becoming the first team to reach a $10 billion valuation, per Sportico.

Allowing pooled institutional investment seems like a no-brainer. After all, there are only so many billionaires capable of buying teams, with the average NFL franchise now worth a staggering ~$6 billion.

By opening the doors to private equity, the NFL is unlocking a treasure trove of capital: according to data compiled by S&P Global, private equity and venture capital funds currently hold a record $2.6 trillion in uncommitted capital, often referred to as "dry powder".

This enormous sum is burning a hole in the pockets of some firms. After convincing investors to entrust them with their money, which many PE shops did very successfully during massive fundraising efforts in 2020-2021, they then have to actually do something with it — people don’t typically like paying management fees while their money is parked on the sidelines.

However, faced with only being able to build a 10% stake in a team, a hypothetical investment of ~$600 million would barely scratch the surface for the largest funds. Investing in multiple teams might help them deliver the impact they want, with the new NFL rules allowing funds to invest in up to 6 individual teams.

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American Airlines joins the flock, hiking bag fees amid higher jet fuel prices

American Airlines on Thursday announced that it, too, will be hiking the fees it charges customers to check luggage.

With the move, all four of the major US airlines, which together control about 80% of the US market, have now hiked their baggage fees in recent days amid surging jet fuel prices.

The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

Since late March, JetBlue, Delta Air Lines, United Airlines, Canada’s WestJet, and Southwest have hiked their fees. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

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The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

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Less than a year after implementing them, Southwest is also hiking its bag fees

Southwest Airlines has joined the growing list of airlines opting to hike their bag fees amid sustained higher jet fuel costs.

Starting today, the first checked bag at the carrier — which implemented bag fees less than a year ago — will jump from $35 to $45, and the second from $45 to $55. Southwest quietly disclosed the change Tuesday.

Southwest assigned the decision to “part of an ongoing analysis of the business and against the evolving global backdrop.”

As of Wednesday, jet fuel prices dropped to $4.16 a gallon, per the Argus US Jet Fuel Index, down from $4.81 on Tuesday following President Trump’s ceasefire announcement, which sent travel stocks soaring. Major airlines have shed some of those gains in premarket trading Thursday.

With the move to hike bag fees, Southwest joins JetBlue, United Airlines, Delta Air Lines, and Canada’s WestJet, all of which also boosted fees this month. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

Three US airlines have already hiked baggage fees. More are likely on the way.