^{Photo: Bloomberg News}

The Las Vegas Raiders are set for one of the biggest ownership transactions in professional sports history as a group led by Egon Durban prepares to acquire a 25% stake in the NFL franchise at an enterprise valuation of approximately $9.9 billion.

According to people familiar with the matter, the deal involves the sale of the stake currently held by First Football, the Raiders’ largest minority shareholder. The transaction still requires formal approval from NFL owners during the upcoming league meetings scheduled for May 19.

If completed, the agreement would rank among the highest valuations ever attached to an NFL franchise and further highlight the explosive rise in professional sports team values over the past decade.

The total value tied to the transaction reportedly reaches approximately $11 billion before accounting for league related fees and taxes. Under NFL rules connected to the Raiders’ relocation agreement to Las Vegas, a portion of the sale proceeds must be distributed to the league through a so called “flip tax.”

Roughly 10% of the transaction value will reportedly go to the NFL and then be shared among the league’s other 31 franchises, reducing the effective enterprise valuation to around $9.9 billion.

The Raiders’ relocation agreement continues to play a major role in ownership transactions involving the franchise. When the team moved from Oakland to Las Vegas in 2020, the NFL implemented special provisions requiring future investors purchasing stakes in the team through March 2037 to pay additional league fees tied to ownership transfers.

Despite selling the stake, controlling owner Mark Davis is expected to retain control of the franchise with an ownership position of approximately 36%.

Durban, who serves as co CEO of Silver Lake, would emerge as the Raiders’ largest minority shareholder with more than 11% ownership under the proposed structure.

The deal also strengthens Durban’s growing influence within the NFL. Earlier reports indicated the league had already approved a succession framework allowing Durban the potential option to acquire a controlling interest in the Raiders in the future should Davis decide to sell.

The proposed acquisition reflects the extraordinary growth in NFL franchise valuations, driven by booming media rights deals, sports betting partnerships, luxury stadium revenues, streaming expansion, and surging global interest in American football.

According to recent league valuations, the Raiders are currently worth approximately $9.3 billion, making them the fourth most valuable franchise among the NFL’s 32 teams.

The franchise’s dramatic rise in value has been fueled heavily by its relocation to Las Vegas and the opening of Allegiant Stadium, the state of the art venue that has transformed the team into one of the league’s premier entertainment and hospitality brands.

Since arriving in Las Vegas, the Raiders have benefited from increased sponsorship opportunities, luxury suite demand, tourism driven ticket sales, and growing corporate partnerships connected to the city’s booming sports economy.

The NFL itself has experienced unprecedented financial growth in recent years. League wide revenues continue to rise sharply following multibillion dollar broadcasting agreements with major networks and streaming platforms, while private equity interest in professional sports ownership has accelerated across North America.

Durban’s investment group is entering the Raiders organization at a significantly higher valuation than previous investors.

In 2024, Tom Brady and his business partner Tom Wagner acquired roughly a 10% ownership stake in the Raiders at a valuation of around $3.5 billion before additional league transfer fees.

The latest transaction illustrates how rapidly elite sports asset values have appreciated, particularly in the NFL where scarcity of ownership opportunities continues to drive aggressive bidding among billionaires, institutional investors, and private equity firms.

First Football’s investment in the Raiders dates back nearly two decades. The group originally purchased a 20% stake from late owner Al Davis in 2007 before later increasing its ownership position to 25%.

At the time, the team carried a weighted average valuation of approximately $700 million, meaning the investment has appreciated enormously over the years as the NFL expanded commercially and the Raiders established themselves in Las Vegas.

Beyond the NFL, Mark Davis has also built a successful sports portfolio through ownership of the Las Vegas Aces of the WNBA.

The Aces have emerged as one of women’s basketball’s premier franchises, winning three championships in the past four seasons. The team was recently valued at around $500 million, among the highest valuations in the WNBA.

On the field, the Raiders are attempting to rebuild into a championship contender after years of inconsistency.

The franchise generated major headlines during the latest NFL Draft by selecting quarterback Fernando Mendoza with the first overall pick. Mendoza entered the draft after a standout collegiate career that included a Heisman Trophy win and a perfect national championship season at Indiana University.

Historically, the Raiders remain one of the NFL’s most iconic and recognizable brands. The franchise captured Super Bowl championships following the 1976, 1980, and 1983 seasons and built a global following through its rebellious image, loyal fan base, and long standing football culture.

However, the team has struggled to replicate that success in recent decades, reaching the postseason only twice since 2002.

Even so, the Raiders continue to attract enormous investor interest because of the NFL’s unmatched financial stability, limited ownership supply, and rapidly growing media ecosystem.

The proposed Durban led acquisition underscores how professional sports franchises are increasingly being viewed not just as teams, but as high value global entertainment and infrastructure assets capable of generating long term appreciation and recurring revenue growth.