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% 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 team did not disclose how much of the franchise the new investors will own, but Blank will continue to hold more than 90% of the shares and plans to stay in control of the franchise.