The New York Giants (“Giants”) are one of the wealthiest and most storied franchises, not only within the National Football League (“NFL”) but across the global sports market. The Giants are currently valued at a net worth of $7.65 billion which places them as the third most valuable organization within the NFL and seventh across global sports organizations.[2] The Mara family has owned the Giants since its inception, acquiring the team when Tim Mara purchased it for $500 in 1925.[3]
Tim Mara’s grandson, John Mara, sits as the team’s current president as the Mara family has retained complete control over the organization until 1991, when they sold a 50% stake of the organization to the Tisch family.[4] Since 2005, John Mara and Steve Tisch have shared control over the organization. However, the Giants have recently announced a new partnership with Moelis & Company, an investment bank and strategic adviser, to explore the possibility of selling a minority, non-controlling stake in the organization.[5]
While the Giants have yet to announce any specific reason for the decision to sell a minority stake, their front office remain stringent on the fact that this is not a sale of the team outright. The Mara-Tisch cohort has expressed they will not be giving up any decision-making control over the organization as a result of this transaction.[6] This is to the dismay of many fans’ current outrage with the Giants’ continual downward trajectory in recent years culminating with the 2024 season producing the most losses the organization has received in a single season throughout its franchise history.
NFL’s Inclusion of Private Equity Sales
This decision comes on the heels of the league adopting a new rule regarding private equity firms’ involvement in NFL organizations. In the summer of 2024, NFL owners voted to allow private equity firms to acquire minority stakes (up to 10%) in teams across the league.[7] This shift marks a historic diversion in the NFL, as owners have earned a new avenue to acquire significant liquidity without relinquishing major control.
Private equity investors will have no voting power nor any real control over team operations, yet the increased cashflow from their contributions are bound to have significant effects within the organizations they are supporting and the market value of teams across the league. The NFL has taken the initiative to vet several private equity firms to support their work with teams, including: Arctos Partners, LP; Ares Management Corporation; Sixth Street; and a consortium group including Blackstone, Carlyle, CVC, Dynasty Equity and Ludis.[8] The new rule imposes rigid restrictions to ensure private equity investments remain passive, requiring the team’s controlling owner to possess a minimum 30% of the team and limit any investment group to a six-year holding period before they can sell their investment.[9]
The Role of Private Equity in Navigating NFL Salary Cap Constraints
NFL Commissioner Rodger Goodell claims this new rule “won’t change a thing” as the main ownership structure of NFL organizations will remain largely intact.[10] However, this new influx of cash will allow teams to make critical adjustments for salary cap constraints, stadium projects, or facility upgrades built on the back of the millions brought in by private equity firms.[11] While on its face these cosmetic changes seem trivial, they can help generate allure for new players and cultivate increased fan engagement.
This dynamic shift is poised to truly benefit family-owned teams, such as the Giants, widen the pool of investors, and provide the means for teams to value their organizations at higher and higher prices when they go to sale.[12] The policy positions the NFL to take advantage of the increasing value of its teams, setting the stage for more competitive bidding and enhanced financial stability across the league. Beyond its impact on organization management, the influx of cash from private equity investors may be important for teams working out key contracts and balancing complex salary cap constraints.
Within the NFL, player contracts are extremely moldable and can be comprised of signing bonuses, a base salary, and various player incentives.[13] The key aspect of this structure is that salary cap implications vary between different types of compensation. A player’s base salary counts against the salary cap in the season it is paid, while signing bonuses are spread out and prorated across the entire length of the contract.[14] Additionally, incentive bonuses are only included in the salary cap calculations based on how likely they are to be earned.[15] Thus, teams require a large sum of cash on hand in order to adjust player compensation to fit within the salary cap, allowing the organization to remain adaptable when building a competitive roster.[16]
Impact on the NFL and the Giants Organization
The Giants are not the first team in the league to capitalize on these new rules, with the Buffalo Bills selling 10% of their team to Arctos Partners and the Miami Dolphins selling a 10% stake to Ares Management.[17] Most importantly, the Giants NFC East rivals and reining Superbowl Champion Philadelphia Eagles (“Eagles”) have recently sold 8% of their organization raising its value to over $8 million.[18] Ultimately, due to the pure size of New-York’s market, it is likely the Giants’ valuation will exceed that of the Eagles’ once they acquire minority investors.[19]
As more teams look to sell minority stakes, it will be intriguing to see how organizations values across the NFL are reflected in the market with investors scrambling to get their foot in the door for a sport that has historically possessed many barriers to entry on the ownership side. Most interestingly, former Giants quarterback and two-time Superbowl MVP Eli Manning has demonstrated his personal interest in utilizing this new rule to buy into the franchise he led to two Superbowl victories throughout his sixteen-year long career in New York.[20]
While any deal is poised to take months or potentially years to finalize, once a partner is brought on, the near instant increase in liquidity and cashflow to the Giants organization will reap massive benefits for the team. As the Giants look to make some serious necessary signings over the offseason to become competitive, a new influx of revenue from a minority private equity investor could be crucial in acquiring critical players to fill the many gaps within their current roster such as their starting quarterback as well as filling out their line on both sides of the ball.
Christopher Costa (deputy editor-in-chief) is a 1L from Suffern, New York. At Villanova, he is currently a 1L Representative and Co-Philanthropy Chair for the Sports Law Society. Chris is a lifelong Giants fan and a die-hard McLaren F1 fan. Following graduation he hopes to work as either an in house counsel within the NFL or motorsport or as an agent in sports and entertainment.
References:
[1] Wise, B. (2025, March 4). MetLife Stadium. Flickr.
[2] Novy-Williams, E. (2025, February 14). Ny Giants’ stake sale to test NFL team valuation limits. Sportico.com.
[3] Sullivan, T. (2025, February 14). Giants exploring potential sale of minority stake in 100-year-old New York franchise. CBSSports.com.
[4] Id.
[5] Valentine, E. (2025, February 14). New York Giants will “explore” selling small ownership share in franchise. Big Blue View
[6] Id.
[7] Battista, J. (2024, August 28). NFL owners vote to allow private equity funds to buy stakes in teams. NFL.com.
[8] Id.
[9] Id.
[10] Id.
[11] Id.
[12] Id.
[13] . Private equity investment into NFL teams: Tax and business considerations. Seward & Kissel LLP. (2024, September 11).
[14] Id.
[15] Id.
[16] Id.
[17] Peters, A. (2025, February 13). Giants’ John Mara, Tisch to explore sale of non-controlling, minority ownership stake. Bleacher Report.
[18] Id.
[19] Id.
[20] Valentine, E. (2025, February 14). New York Giants will “explore” selling small ownership share in franchise. Big Blue View