ATLANTA -- Falcons owner Arthur Blank has agreed to sell minority shares of the team to four investors.
Blank wanted to add additional owners to give him more flexibility in directing capital to his Arthur M. Blank Family Foundation, according to a release by the team. Less than a year ago, the foundation laid off about 10 percent of its workforce.
With the approval of the NFL, the Falcons' new minority owners will include Ronald E. Canakaris, Douglas J. Hertz, Ed Mendel and Derek V. Smith. They will join current minority owners John P. Imlay Jr. and John A. Williams.
The Falcons didn't disclose how much of the franchise the new investors will own, but Blank will continue to hold more than 90 percent of the shares and plans to stay in control of the franchise.
Copyright 2009 by The Associated Press