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.
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.
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.