Illustration: Aïda Amer/Axios

In an effort to expand the pool of potential team buyers, the NFL, NBA and MLB are considering drastic changes to how business is done.

Why it matters: Team valuations have skyrocketed in recent years, creating a dearth of individuals wealthy enough to buy the next teams put up for sale.

1. The NFL is considering increasing the amount of money that prospective owners can borrow from $350 million to $1 billion.

  • The backdrop: The catalyst for this change appears to be the Panthers' sale to David Tepper last summer. Despite one group outbidding him, Tepper was the only one with enough cash upfront to do the deal, which led to him paying less than what the market expected.
  • The bottom line: This change would add more potential buyers to the mix, while also helping to ensure that valuations continue to rise by increasing competition.

2. The NBA is mulling the creation of an investment vehicle that would buy minority ownership stakes across multiple teams.

  • What they're saying: "Being a passive sports team owner is really being the person who pays the most for good seats. But owning a portfolio could be appealing for long-term money, and it's only a matter of time before we get a league-managed or third-party fund/marketplace for these interests," writes Axios' Dan Primack.

3. MLB has altered its rules to allow investment funds to buy limited stakes in multiple franchises.

  • What they're saying: "Traditionally, baseball owners have been wealthy individuals, but the new policy could bring in cash from Wall Street firms and college endowments," writes Bloomberg's Scott Soshnick.

Go deeper: NBA mulling an investment fund for team equity

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College students give failing grade on return to campus

Illustration: Sarah Grillo/Axios

College students are learning less, partying less and a majority say the decision to return to campus was a bad decision, according to a new College Reaction/Axios poll.

Why it matters: The enthusiasm to forge something resembling a college experience has dissipated as online learning, lockdowns and a diminished social life has set in.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 31,032,045 — Total deaths: 960,729— Total recoveries: 21,255,717Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,805,342 — Total deaths: 199,511 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure.
  4. Education: What we overlooked in the switch to remote learning.
  5. Health: The dwindling chances of eliminating COVID-19 — 7 states set single-day coronavirus case records last week.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.
Updated 3 hours ago - Politics & Policy

Biden raises $141 million more than Trump

Combination images of President Trump and his 2020 presidential rival Joe Biden. Photo: Sarah Silbiger/Getty Images/Alex Wong/Getty Images

Joe Biden's campaign, the Democratic National Committee and joint fundraising committees raised $466 million cash on hand, the presidential candidate's team announced late Sunday.

Why it matters: President Trump's campaign raised $325 million cash on hand, his campaign communications director Tim Murtaugh announced Friday. In the spring, Biden was $187 million behind Trump and the Republican National Committee.