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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

Go deeper

FBI director: Jan. 6 Capitol attack was domestic terrorism

The FBI views the Jan. 6 Capitol siege as an act of domestic terrorism, director Christopher Wray testified in his opening statement Tuesday before the Senate Judiciary Committee.

Why it matters: The FBI's designation of the attack as domestic terrorism puts the perpetrators "on the same level with ISIS and homegrown violent extremists," Wray said.

Sen. Martin Heinrich to introduce plan for Puerto Rico statehood

U.S. Sen. Martin Heinrich (D-N.M.) at a hearing on Feb. 23, 2021 in Washington, D.C. PHOTO: Jim Watson-Pool/Getty Images

U.S. Sen. Martin Heinrich (D-N.M.) and Rep. Darren Soto (D-Fla.) announced Tuesday they would introduce legislation to start the motions for Puerto Rico statehood.

Why it matters: More than 52% of Puerto Ricans voted last November in favor of statehood, three years after Hurricane Maria struck the island and caused one of the worst natural disasters in recorded history. It exposed the island's vulnerable position as a U.S. territory and its lack of resources to battle poverty.

J&J and Merck to partner for COVID vaccine production to boost supply

Empty vials that contained a dose of the Johnson & Johnson vaccine against the COVID-19. Photo: Phill Magakoe/AFP via Getty Images

President Biden will announce Tuesday that pharmaceutical giant Merck will help Johnson & Johnson manufacture its newly authorized coronavirus vaccine to boost supply, a senior administration official tells Axios.

The big picture: The development has the potential to vastly increase supply, possibly doubling what the J&J could make on its own, the official said. The company has run into challenges while trying to expand its vaccine production to a global scale.