The NFL Has a New Revenue Stream / NBA in Mexico City?

The NFL is turning its investment arm into a fee-and-carry-earning general partner alongside General Atlantic, a structural shift that could eventually draw union scrutiny.

• NFL goes big on investing: Owners approved a supercharged successor to 32 Equity, partnering with $130B PE firm General Atlantic as co-GP, with reported nine-figure commitments from each side plus outside capital raised — up from $32M (2013), $64M (2019), and $130M (2022) predecessor funds.
• Carry, not just returns: As general partner, the NFL would earn fees/carried interest on managed outside capital, a revenue stream that sits outside the 50% player revenue share, raising the question of whether the players' union eventually demands a cut.

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