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Arctos Partners has reached a deal to buy 10% of the Atlanta Falcons in a two-part transaction, according to three people familiar with the details. The first tranche is for 7.5% of the NFL team at a valuation just over $10 billion, according to two of the people. The balance of the deal in 18 months is at an enterprise value of around $11 billion. The agreement is expected to be voted on in October. If the deal is approved, it would mark the fourth NFL team in Arctos’ sports portfolio. The Falcons and Arctos declined to comment. CNBC was the first to report on the agreement. The Falcons have missed the playoffs for eight straight years but have become a financial juggernaut at Mercedes-Benz Stadium, which opened in 2017. Last season was the best one yet for the team, with estimated revenue of $800 million, good for eighth among NFL teams. The team’s sponsorship revenue is more than $100 million a year, and the stadium ranks first for non-NFL event gross revenue. The venue hosts roughly 55 major ticketed events and 150 private events annually. Beyond concerts, it also benefits from a deep roster of college football games, including the SEC Championship and annual Georgia-Florida matchup. The first tranche in the Falcons’ deal is a tick higher than the $9.78 billion in Sportico’s recent NFL team valuations. Arthur Blank bought the team in 2002 for $545 million. In August 2024, the NFL approved a handful of firms with a policy allowing teams to sell up to 10% of their common equity to PE firms. A firm can buy as much as 10% of a team, or little as 3%. No single fund can invest in more than six teams, and the minimum hold period for each investment is six years. Arctos made its first NFL investment months later with a 10% stake in the Buffalo Bills and added an 8% stake in the Los Angeles Chargers in 2025. In May, the NFL approved Arctos’ 3% investment in the Cleveland Browns at a $9 billion valuation. It is the first tranche, with Arctos ultimately expected to buy 10% of the club. The Browns deal was the first team investment since KRR closed its $1.4 billion acquisition of Arctos. Arctos owns stakes in more than 30 sports franchises and is the only private equity firm to invest in multiple NFL teams.