The NFL launched an investment fund called 32 Equity back in 2013 with $1 million from each team owner. Team owners have doubled down several times since, and 32 Equity has now raised more than $250 million. The strategy is simple: the NFL invests in companies, helps them grow through NFL deals (think: data, licensing, sponsorships), and then benefits as a shareholder, profiting off both sides of the transaction. In 2017, the NFL acquired a 3% stake in Fanatics at a $3.17 billion valuation. Fanatics works with the NFL on everything from merchandise and trading cards to hospitality and retail, and is now a $30 billion company. Other investments include Hyperice, CLEAR, NOBULL, Skillz, Genius Sports, EverPass, and Appetize, with multiple companies producing nine-figure returns. Now the NFL is doubling down again, announcing yesterday that it is partnering with private equity giant General Atlantic ($130B AUM) on a new investment fund. By becoming a general partner in this fund, the NFL will get paid to manage other people's money (management fees and carry), and team owners won't have to share any of that money with players (because private equity investments aren't included in revenue sharing). Today's newsletter breaks down the details. READ MORE: huddleup.substack.com/p/nfl-…