The Atlanta Falcons wrapped up their second joint practice with the Indianapolis Colts on Thursday and will have Friday off before returning for Saturday's preseason matchup at Lucas Oil Stadium.
Both teams seem to have gotten through another day without any major injuries, but the Falcons can't feel great about how their offense performed this week in practice.
In today's Falcons Wire Recap, Arthur Blanks sells a 10 percent ownership stake in the franchise, Michael Penix Jr. prepares to meet with his doctor, Matt Ryan takes the field at his old stomping grounds, and we catch up on the latest news from Atlanta's second joint practice with the Colts.
Colts bring the pressure in joint practice No. 2
The Falcons returned for another day of practice against the Colts, and things got a little chippy.
While there were no major fights, a minor scrum broke out between Atlanta's defense and Indy's offense during the red-zone period. Tua Tagovailoa made some nice throws in these red-zone drills, but the Falcons first-team offense continued to sputter out around midfield in 11-on-11 drills.
And while Drake London caught his share of passes, Atlanta's offensive line had some issues slowing down the Colts' blitzes, which led to plays like this fourth-down stop below.
bringing the pressure 💥 pic.twitter.com/OkUlhmgEvc
— Indianapolis Colts (@Colts) August 20, 2026
Penix meeting with doctor today, hopes to be cleared
The Falcons are looking for someone to run away with their starting quarterback job, but thus far, Tua Tagovailoa has been underwhelming and Michael Penix Jr. has yet to be cleared for contact. However, Penix expects to be cleared sooner rather than later. Penix spoke with reporters following Thursday's joint practice with the Indianapolis Colts and said he plans to meet with his doctor later in the day.
"I know that call will be coming up soon," Penix said this afternoon . "Talk to my doctor, see where he thinks I am, see how he feels about everything and then we will go from there."
Falcons QB Michael Penix to meet with doctor, hopes to be cleared
— The Falcons Wire (@TheFalconsWire) August 20, 2026
📸 Dale Zanine, IMAGN IMAGES via Reuters Connect https://t.co/5Xxj01afeT pic.twitter.com/2Y8CbuHVfT
Falcons to sell 10% of team to private equity firm
According to a report by Michael Ozanian and Jessica Golden at CNBC, the private equity firm Arctos has agreed to buy 10% of the Atlanta Falcons from team owner Arthur Blank at a $10.6 billion valuation.
That means Mr. Blank (or his limited partners) will be getting a cool $1.6 billion from the partial sale, although it won't be coming all at once. CNBC's report states Arctos will be paying for the 10% ownership in two installments over the next 18 months:
"Private equity firm Arctos has agreed to buy 10% of the Atlanta Falcons, according to two people who asked not to be named because they are not authorized to speak on the matter. Arthur Blank currently owns just under 73% of the Falcons. It is unclear if the 10% being sold is just Blank’s stake or includes limited partners."
Private equity firm to buy 10% ownership stake in Falcons
— The Falcons Wire (@TheFalconsWire) August 20, 2026
📸 Dale Zanine, Dale Zanine-Imagn Images https://t.co/AMxlEpnb79 pic.twitter.com/aPCoXTkye4
Matt Ryan spotted throwing to WRs
The Falcons hired former league MVP Matt Ryan as their president of football over the offseason, but the team still has a major question mark at the position Ryan used to play. Ryan, who was traded to the Colts in 2022 after 14 seasons in Atlanta, was again spotted throwing the Falcons wide receivers during warm ups.
Watch as Ryan tosses a pass to wide receiver Beaux Collins, as shared by Josh Kendall of The Athletic below.
Former Falcons (and Colts) quarterback Matt Ryan out here, warming up the wide receivers. pic.twitter.com/z8P3RTZvbI
— Josh Kendall (@JoshTheAthletic) August 20, 2026
Falcons-Colts joint practice highlights
We've rounded some clips from Thursday's joint practice session with the Colts from various beat reporters on social media. While there wasn't much, we did find a few clips that you might enjoy below.
Drake in the zone 🔥 pic.twitter.com/IjmsKMm064
— Atlanta Falcons (@AtlantaFalcons) August 20, 2026
WRs vs. CBs one-on-ones:
— Daniel Flick (@ByDanielFlick) August 20, 2026
Raylen Sharpe vs. Darnay Holmes. Throw from Riley Leonard. pic.twitter.com/zFnGKcpN1G
QBs pic.twitter.com/ShxUiBTD2G
— Josh Kendall (@JoshTheAthletic) August 20, 2026
Aside from a couple of nice wins by Colts receivers, the Falcons’ DBs just had a really good 1-on-1 period. Mike Ford had a pick and nearly everyone had a PBU. pic.twitter.com/KWJQZBoAVr
— Will McFadden (@willmcfadden) August 20, 2026
The Falcons are off on Friday but will face the Colts in their second preseason game on Saturday at 1 p.m. ET.
This article originally appeared on Falcons Wire: Falcons Recap: Joint practice Day 2, Penix nearing return?
