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Blank sells $300m minority stake in Atlanta Falcons

Arthur Blank, the Atlanta Falcons majority owner, has sold a 10-per-cent stake in the team, in a deal that values the NFL franchise at approximately $3bn (€2.65bn).

The $300m stake has been sold to one new investor, Alan Kestenbaum, and to two existing investors: Doug Hertz and Ron Canakaris. Kestenbaum was a runner-up last year in the sale of the Carolina Panthers to David Tepper.

Blank, who is reportedly using the sale to help fund his charitable foundation, remains the principal owner and retains a clear majority of ownership.

The deal was approved by the NFL Finance Committee at the owners’ annual spring league meeting in Phoenix on Monday.

The Home Depot co-founder, who also owns MLS team Atlanta United, bought the Falcons for $545m in 2002. Last year Forbes valued the Falcons at $2.6bn.

Read this: Atlanta Falcons’ concession-pricing trades small revenue dip for major goodwill gains

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