Private equity buys into NFL's Buffalo Bills and Miami Dolphins

Zoom in: Ares Management led the Miami deal, while Arctos Partners led the Buffalo deal.

• Each transaction is for a 10% stake, which is the maximum amount allowed under the NFL's new policy.
• The Miami Dolphins are majority-owned by real estate developer Stephen Ross, and the Ares investment also includes stakes in Hard Rock Stadium and the Formula 1 Crypto.com Miami Grand Prix. Joining Ares are Brooklyn Nets owner Joe Tsai and investor Oliver Weisberg.
• The Bills are majority-owned by billionaire businessman Terry Pegula, and Arctos is being joined by a group of individuals that includes former pro athletes Vince Carter, Tracy McGrady and Jozy Altidore.

Catch up quick: Arctos and Ares are two of four private equity groups that were approved to buy ownership stakes.

• The other two: Sixth Street and a consortium made up of Blackstone, Carlyle, CVC Capital Partners, Dynasty Equity and Ludis, a platform founded by former NFL star Curtis Martin.
• Other funds will be approved in the coming months, although there is no set timeline.

Elsewhere: The NFL also approved the sale of a minority stake in the Philadelphia Eagles at an $8.3 billion valuation, although private equity would not be involved in that deal, according to CNBC.