Tom Brady and partner Tom Wagner to pay over $200 million for stake in Las Vegas Raiders
NFL owners approved Tom Brady as a minority owner of the Las Vegas Raiders on Tuesday.
NFL owners approved Tom Brady as a minority owner of the Las Vegas Raiders on Tuesday.
The seven-time Super Bowl champ bought about a 10% stake in the Raiders with his business partner, Knighthead Capital founder Tom Wagner.
Brady and Wagner are buying into the Raiders at about a $3.5 billion valuation, with an equity investment of about $220 million as part of the partnership, according to people familiar with the negotiations. On top of that amount, Brady and Wagner also had to pay a 10% “flip tax,” the proceeds of which will be divided among the league’s 31 other owners.
Separately, former NFL player Richard Seymour purchased a less than 1% stake in the Raiders, also at a $3.5 billion valuation, the people said.The NFL’s 32 team owners signed off on the deal unanimously at the league meeting in Atlanta, the person told CNBC. Brady and Wagner did not attend the meeting, according to the person.
The price Brady is paying for his stake is unclear. But CNBC’s Official 2024 NFL Team Valuations pegged the Raiders as the NFL’s fifth-most valuable franchise, worth $7.8 billion.
Rating: 5