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Owner Arthur Blank sells 10 percent share of Atlanta Falcons

By Connor Grott
Owner Arthur Blank sells 10 percent share of Atlanta Falcons
Atlanta Falcons owner Arthur Blank sold 10 percent of the franchise to two current limited partners and a new limited partner. File Photo by Nell Redmond/UPI | License Photo

March 27 (UPI) -- Atlanta Falcons owner Arthur Blank sold a 10 percent share of the NFL franchise to two current limited partners and a new limited partner.

Sources told The Atlanta Journal-Constitution and Forbes that league owners, who are in Phoenix, Ariz., for the annual spring meeting this week, approved the sale Monday. The transaction is estimated to be worth $300 million of the franchise's worth, which has a projected value of $3 billion.

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The sale transfers a minority percentage of the Falcons' ownership to a new limited partner, Alan Kestenbaum, and two existing limited partners, Doug Hertz and Ron Canakaris, according to the Atlanta Journal-Constitution. The other limited partners include former Falcons running back Warrick Dunn, Derek Smith, Brian Barker and Ed Mendel.

John A. Williams, who was a limited partner of the Falcons since 2008, died in April 2018. The three limited partners purchased all of Williams' former shares.

Kestenbaum was a bidder for the Carolina Panthers last season after former owner Jerry Richardson put the team up for sale. David Tepper purchased the Panthers for about $2.2 billion last July.

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Blank retains a large majority of ownership and remains the Falcons' principal owner. Blank originally purchased the NFL team in 2002 for $545 million.

Since Blank's acquisition of the Falcons, the franchise has made the postseason eight times in 17 seasons.

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