Las Vegas Raiders owner Mark Davis agreed in principle to sell 15% of the team, a source told The Athletic’s Tashan Reed.
Silver Lake co-CEO and Endeavor board chairman Egon Durban and Discovery Land Company founder and chairman Michael Meldman each bid separately to acquire 7.5% stakes in the Raiders, according to Reed. The NFL has reportedly reviewed the terms of the transaction.
Davis would remain the controlling owner of the Raiders if the deal becomes official.
The league’s finance committee could discuss the sale and bring it up for a vote at the NFL owners meeting from Dec. 10-11 in Texas. Durban and Meldman need votes from at least 24 of the league’s 32 owners to approve their purchase.
Davis’ latest deal comes just over a month after the NFL officially approved legendary quarterback Tom Brady’s purchase of 10.5% of the Raiders along with Hall of Fame defensive lineman Richard Seymour and Tom Wagner – co-founder of Knighthead Capital Management.
Davis’ desire to bring in Brady and Seymour to help with football decisions is one factor Reed highlighted behind the owner’s recent interest in selling shares of the Raiders.
The 69-year-old also reportedly wants to become more liquid, which was another motivator linked to Durban and Meldman joining the team’s ownership group. The franchise’s value has skyrocketed since its relocation from Oakland to Las Vegas, notes Reed.
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