Tom Brady is on track to be officially approved as a minority owner of the Las Vegas Raiders during the NFL fall owners meeting in Atlanta this Tuesday, according to league sources. The NFL’s finance committee has already reviewed his bid and will present it to the other owners for a vote, requiring approval from 24 of the league’s 32 owners.
One source indicated that the committee wouldn’t move the bid forward unless approval was virtually certain, suggesting the vote is likely a formality. The finance committee has already given unanimous approval, and it’s rare for owners to reject the committee’s recommendations, insiders noted.
Brady is set to acquire approximately 10% of the Raiders, partnering with businessman Tom Wagner to purchase the stake from owner Mark Davis. Although the deal was initially agreed upon in May 2023, it needed adjustments to meet the financial committee’s standards, as the original terms were seen as too favorable.
“We’re thrilled to welcome Tom to the Raiders,” Davis said to ESPN’s Paul Gutierrez when the deal was first announced. “It’s a unique moment since he’ll become only the third player in NFL history to transition into ownership.”
The only other players to achieve this are George Halas and Jerry Richardson. Brady, a seven-time Super Bowl champion, initially agreed to a 10-year, $375 million broadcasting contract with Fox following his retirement in 2023 and is scheduled to begin his analyst role in 2024.
Brady joins a select group of sports legends who’ve taken on ownership roles, including Michael Jordan (Hornets), Magic Johnson (Dodgers and Commanders), Dwyane Wade (Jazz), Alex Rodriguez (Timberwolves), Mario Lemieux (Penguins), Patrick Mahomes (Royals), Warrick Dunn (Falcons), John Stallworth (Steelers), and Lewis Hamilton (Broncos).
Source: https://www.espn.com/nfl/story/_/id...rady-expected-approved-raiders-minority-owner
One source indicated that the committee wouldn’t move the bid forward unless approval was virtually certain, suggesting the vote is likely a formality. The finance committee has already given unanimous approval, and it’s rare for owners to reject the committee’s recommendations, insiders noted.
Brady is set to acquire approximately 10% of the Raiders, partnering with businessman Tom Wagner to purchase the stake from owner Mark Davis. Although the deal was initially agreed upon in May 2023, it needed adjustments to meet the financial committee’s standards, as the original terms were seen as too favorable.
“We’re thrilled to welcome Tom to the Raiders,” Davis said to ESPN’s Paul Gutierrez when the deal was first announced. “It’s a unique moment since he’ll become only the third player in NFL history to transition into ownership.”
The only other players to achieve this are George Halas and Jerry Richardson. Brady, a seven-time Super Bowl champion, initially agreed to a 10-year, $375 million broadcasting contract with Fox following his retirement in 2023 and is scheduled to begin his analyst role in 2024.
Brady joins a select group of sports legends who’ve taken on ownership roles, including Michael Jordan (Hornets), Magic Johnson (Dodgers and Commanders), Dwyane Wade (Jazz), Alex Rodriguez (Timberwolves), Mario Lemieux (Penguins), Patrick Mahomes (Royals), Warrick Dunn (Falcons), John Stallworth (Steelers), and Lewis Hamilton (Broncos).
Source: https://www.espn.com/nfl/story/_/id...rady-expected-approved-raiders-minority-owner