Las Vegas Raiders owner Mark David before a preseason game between the Dallas Cowboys and the Las Vegas Raiders at AT&T Stadium in Arlington, Texas, on August 26, 2023. Si walked off the field with former NFL quarterback Tom Brady.
Matthew Pearce | Illustrated Sports Wire | Getty Images
NFL owners are expected to approve Tom Brady becoming a minority owner of the Las Vegas Raiders on Tuesday, a person familiar with the matter told CNBC.
The seven-time Super Bowl champion hopes to buy about 10% of the Raiders with his business partner, the founder of Knighthead Capital Tom Wagner.
The deal still needs to be approved by 24 of the NFL’s 32 team owners at a league meeting in Atlanta. Brady and Wagner are not expected to attend the meeting, the person told CNBC.
The price Brady will pay for his stake is unclear. but CNBC’s official 2024 NFL team valuations tied to Raiders As the fifth most valuable team in the NFL, it is worth $7.8 billion.
The Raiders’ value has been climbing since the team relocated from Oakland in 2020.
Since the team moved to Las Vegas and installed a new stadium, its revenue has grown significantly. According to the data, the Raiders will have $780 million in revenue in 2023, ranking third in the league CNBC Valuation.
While Allegiant Stadium is one of the smallest stadiums in the NFL with 65,000 seats, the Raiders make up for it by charging the highest ticket prices in the league, according to previous reports from CNBC. The average ticket last season was $169.
Allegiant Stadium also hosts numerous non-NFL events throughout the year, which generates additional revenue for the team.
Brady began bidding for part of the team in May 2023, but because some owners believed The initial offer was too discounted.
After Brady first retired from the NFL, he signed a 10-year, $375 million broadcast deal with Fox Sports in 2022. There are restrictions The person told CNBC about how he covers the team.
For example, Brady will be allowed to broadcast Raiders games, but he will not be allowed to participate in live or online production meetings. He may also lose access to team facilities, players and coaches.
Brady will also abide by league rules that prohibit public criticism of officials and other clubs.
The five-time Super Bowl MVP is no stranger to the Las Vegas sports world. He is also a minority shareholder in the company Women’s National Basketball Association Las Vegas AcesLike the Raiders, the team is owned by Mark Davis.
Brady will become the third former NFL player to become a team owner.
