Eghbali and Feliciano would be investing personally, not via Clearlake Capital. The NFL is the last major U.S. league that prohibits private equity firms from owning even minority stakes in teams. League rules state that a controlling owner must hold at least 30% of the equity in a team, and that up to $1 billion in debt can be used for new purchases.
If successful, the two would bring diversity to the NFL ownership ranks, a stated goal of commissioner Roger Goodell and a common theme throughout the ongoing Broncos sale. Eghbali was born in Iran and came to the U.S. when he was 10; Feliciano was born and raised in Puerto Rico.
