Last week, NFL owners announced the league’s investment in an upstart apparel and footwear brand, NOBULL. The news comes just a few short months after the apparel brand agreed to sponsor the NFL’s annual Scouting Combine.

According to a report by The Athletic, the specific amount the NFL invested could not be determined.   But according to its sources, as part of the transaction, owners each agreed to put another $5 million, or $160 million, into 32 Equity, the league’s venture capital fund that is making the investment in NOBULL.

Taking a step back, the strategy of 32 Equity is to invest in companies that are in the sports world and benefit in part from their relationship with the NFL. As it currently stands, 32 Equity investments include Fanatics, Genius Sports, Appetize, Skillz, and many others.

While the NFL has declined to comment at the time of writing, The Athletic reports that the league has held stakes in apparel and footwear companies before. However, those positions came in the form of stock options that were part of payments for licensing deals, such as with Under Armour and Reebok. In this case, the NFL is directly investing in NOBULL.

“2022 was a landmark year for NOBULL, and our official partnership announcement with the NFL in August marked a major step in our journey as a brand,” said NOBULL Chief Marketing Officer Todd Meleney in an emailed statement. “We are excited about NOBULL’s future growth in the U.S. and globally. As a private company, we do not disclose financial information and cannot provide further comment at this time.”