On the debut episode of Coffey Talk, Ares Management’s Mark Affolter and Jim Miller go into detail on what the NFL’s decision to allow private equity firms to invest in football means for the league and for fans.

The NFL became the last pro league to allow institutional investors to own parts of teams, opening the door for a limited number of firms, including Ares, one of the world’s largest PE firms, to be limited partners in clubs.

In a 20-minute discussion with Sportico’s Brendan Coffey, Affolter and Miller give some background on how the deal came together and why they believe the NFL included publicly traded Ares in the group allowed to invest when other firms were rejected.

The trio also discuss how Ares has already been investing in other sports teams and leagues and why, exactly, private equity cares about sports teams to begin with. They also talk about who, ultimately, is investing in NFL teams through PE firms like Ares—and if that means fans might be able to buy a piece of their favorite club.