Blackstone and Apollo Seek NFL Private Equity Approval

Blackstone Inc. and a unit of Apollo Global Management Inc. have entered preliminary discussions with the National Football League to gain approval as private equity firms permitted to purchase minority stakes in NFL teams. The firms are seeking to join the league's existing list of approved private equity investors.

Sources familiar with the matter indicate that the approval process is not imminent and will likely be completed next year. To finalize the process, both firms would likely need to secure a specific deal with an individual team before the NFL grants formal approval.