The Patriots have become the latest team to agree to sell a minority stake of the franchise to outside investors.

According to reports from Sportico and Sports Business Journal , they have agreed to sell eight percent of the franchise in a deal that will set the valuation of the overall franchise at over $9 billion. The Giants recently struck a similar deal that set their valuation at an league-high $10 billion.

Patriots owner Robert Kraft paid $172 million for the Patriots in 1994 in what was the highest sale price for a sports franchise at that time. Given a $9 billion valuation, the eight percent stake would be worth $720 million.

Five percent of the team will be purchased by billionaire investor Dean Metropoulus and the other three percent will be purchased by the private equity

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