(NewsNation) — The NFL’s 32 owners met in Minnesota Tuesday and voted in favor of allowing private equity firms to buy stakes in teams, ushering in a new era for the league.

The NFL will allow up to 10% stakes in teams by league-approved private equity firms.

Previously, the NFL has mostly had ultrawealthy families as owners. But now, it joins the ranks of the NBA, MLB, NHL and WNBA, which all allow some form of private equity investment in teams, though rules vary between leagues.

Getting into the NFL ownership fraternity has always been super exclusive. The two recent franchise sales — the Denver Broncos and Washington Commanders — went for north of $4 and $6 billion, respectively.

In 2023, the average team was worth a record $5.1 billion, up by 14% from the year prior, per Forbes, so expanding the investor pool is a priority for the NFL.

Allowing the investments will likely further inflate franchise values, which have already ballooned into the billions. The move could also lead to higher concession and ticket prices.

Media executive and investment banker Mark Patricof joined “NewsNation Now” to discuss what happens next for the league.

“I think it definitely correlates to more money, institutional money, coming in and funding growth and all kinds of ways,” Patricof said. “Not just the teams themselves, but the arenas, the practice facilities, many different kinds of aspects of the sports, which have become multibillion-dollar businesses, these teams.”

He also theorized that, under this new allowance, it could be possible for current players to invest in private equity firms, which then invest back in their teams.

“These athletes are well positioned down the road to be meaningful owners,” Patricof added. “If you make a half-a-billion dollars before you’re 30, you should be able to turn multiple billions of dollars down the road.”

NewsNation’s Ryan Bass contributed to this report.