The Cleveland Browns sold 10% of the club at a valuation of more than $9 billion to private equity firm Arctos Partners.
The deal will be completed in three separate tranches, sources familiar with the matter told Bloomberg. NFL owners approved the first tranche, representing a 3% stake in the team, while approvals for the remaining two portions are expected at a later date.
“The Cleveland Browns are one of the NFL’s most iconic and historic franchises, with a deeply loyal fan base and a leadership team committed to both the future of the organization and the surrounding community,” Chad Hutchinson, partner at Arctos said in a statement. “We are excited to join the Browns as a limited partner and support the organization’s long-term priorities.”
data-variant=”card”
data-news-mode=”manual”
>
Read Also:
Federal Judge Calls US Crackdown On Anthropic ‘Spectacular Overreach’
This post was originally published here
