Vince Carter and Tracy McGrady are getting into the football business.
The basketball Hall of Famers are among a group of 10 minority stakeholders to join the ownership group of the NFL’s Buffalo Bills. Former U.S. Men’s National Team striker Jozy Altidore is also among the new shareholders.
McGrady and Carter are cousins who played early in their NBA careers as teammates on the Toronto Raptors. McGrady was one of Carter’s presenters at Carter’s Hall of Fame induction in October.
The Bills announced their new partners on Wednesday. Terry and Kim Pegula are the principal owners of the team. The news marks the first time in franchise history that it has brought on secondary shareholders.
The new ownership group also includes private equity firm Arctos as well as a number of corporate executives and venture capitalists. Per the Bills, Arctos also holds shares in the NBA, NHL, MLB, MLS, NASCAR, the Premier League and Formula One.
It’s not clear how much of a stake each new shareholder owns. Forbes estimates that the Bills are valued at $4.2 billion.
The Bills announced the new ownership stakes amid a new NFL landscape that allows private equity investment in team ownership for the first time. The league has long abstained from private equity investment, but owners voted in August to allow up to a 10% private equity stake in each team.
The Miami Dolphins and Philadelphia Eagles have also sold stakes to private equity investors. Yahoo Sports‘ Jori Epstein reported earlier Wednesday that Eagles owner Jeffrey Lurie sold an 8% stake in the team. The Dolphins announced Wednesday that owner Stephen Ross sold 10% of the team to Ares Management and a 3% stake to Brooklyn Nets owners Joe Tsai and Oliver Weisberg.
