Good morning. Nvidia and AMD face an unusual export tax. Bitcoin nears its all-time high. And how to buy your very own NFL team. Listen to the day’s top stories.
The impact of Trump’s tariffs is just getting started, according to Goldman Sachs. It says they’ll lead to faster inflation and US consumers paying the price. The president is urging China to quadruple its purchases of American soybeans, a day before a trade truce expires. The US expects to largely finish talks with countries that have yet to secure a trade deal by the end of October.
Jalen Hurts scores a touchdown during Super Bowl LIX. Photographer: Bob Kupbens/Icon Sportswire
Acquiring an NFL team is usually restricted to those lucky enough to inherit one, or multibillionaires rich enough to buy one. But there is a side door to gain entry to luxury boxes previously reserved for owners: private equity.
The NFL changed its ownership rules in 2024 to let a handful of private equity firms buy up to a 10% stake. In return, team owners get an inflow of funds they can use on expenses like stadium upgrades, and can pay off debt.
Those stakes don’t come with voting rights or significant decision-making power, but valuations are ballooning. Holding a passive stake for six years—the required minimum—could net a fund hundreds of millions in returns. Read our explainer on why the NFL let private equity get into the game.
Simply having the cash isn’t enough. Private equity firms have to get on the NFL’s approved list of funds and it’s not easy. The league allowed just four last year, with big names firms Blackstone and CVC Capital Partners said to leave one group that had won preliminary approval after they couldn’t agree on their approach.
The Big Take
Ryan Tolkin. Photographer: Michael Nagle/Bloomberg
Schonfeld’s millennial boss Ryan Tolkin is leading a comeback for the firm after a rollercoaster ride, including a sudden burst of poor returns and client withdrawals. Here’s how he’s turning things around at the hedge fund.
Bloomberg Power Players New York: Set against the backdrop of the US Open Tennis Championships, we'll bring together influential voices from the business of sports to identify the next wave of disruption that could hit this multitrillion-dollar global industry. Join us on Sept. 4. Learn more.
Opinion
Donald Trump and Apple CEO Tim Cook in the Oval Office. Photographer: Brendan Smialowski/AFP/Getty Images
Trump’s tariff policies are the antithesis of America’s economic dynamism, Matthew Yglesias writes. The president is bolstering his ego at the cost of his country’s long-term economic future.
