The Atlanta Falcons have announced that owner Arthur Blank has shaved off slivers of the team for a quarter of new partners.
The sale is subject to formal approval by the league.
Even after the transactions are approved, Blank will still own more than 90 percent of the team.
The new partners are Ronald
E. Canakaris, Douglas J. Hertz, Ed Mendel, and Derek V. Smith.
John P. Imlay, Jr., and John A. Williams also own a small portion of the franchise.
“I have no intention of selling the club or even a controlling interest in the club,” Blank said in a statement released by the team. “This decision is driven primarily by my charitable and estate planning goals and by the value that can be added to the franchise by partnering with minority owners of this caliber.”
With many NFL franchises believed to be worth $1 billion or more, a sale of only five percent of the team would raise more than $50 million for Blank.