No, similar to businesses in the same industry who force employees to sign non-compete contracts, you cannot own two NFL teams over the long haul, even as a part owner. However, some owners who have part time ownership in one NFL franchise and acquire majority ownership in another will be allowed time to sell off their shares of their old franchise.
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They can only own another sports franchise IF it is in the same city as the controlled NFL city or there is not an NFL team in the city of ownership. This is from an amendment in 1997 where prior, cross ownership was not allowed.
Example: Paul Allen owns the Seattle Seahawks and the Portland TrailBlazers because there is not an NFL team in Portland.
Of course! For example, Mike Ilitch owns the Detroit Red Wings and the Detroit Tigers.
*Note - Mike Ilitch also owns Little Caesers.