Private equity firm Arctos has agreed to buy a 10% minority stake in the Atlanta Falcons in a deal valued at $10.6 billion, according to multiple reports.

Quartz reports the transaction is structured to close in two tranches over an 18-month period, and it would be Arctos’ fourth investment in an NFL franchise. Yahoo Sports similarly describes the agreement as part of a broader run of sports-related transactions, noting Arctos Partners’ planned purchase of the minority stake at the same reported valuation.

While the outlets align on the stake size and pricing, they vary mainly on additional deal mechanics and context—such as the timing and number of prior NFL investments—rather than on the core terms of the reported agreement.