NFL Approves 3.5% Stake Sale in Las Vegas Raiders at Over $11 Billion Valuation

The National Football League has authorized the sale of a 3.5% stake in the Las Vegas Raiders at a valuation surpassing $11 billion, according to a source with direct knowledge of the deal. This transaction is part of a larger succession plan by team owner Mark Davis to transfer ownership to Egon Durban, co-CEO of Silver Lake. The league approved the initial 3.5% sale on Tuesday, with another 3.5% expected to be sold to Durban or other investors in the near future, potentially raising the total stake to 7%. As part of the agreement, buyers must pay a 10% 'flip tax' to the NFL, a provision tied to the team's relocation to Las Vegas in 2020. This tax applies to any purchase of Raiders ownership through March 2037, with a 10% rate in effect from April 2022 through March 2027. The Raiders, who hold the first pick in the 2026 NFL Draft, are anticipated to select quarterback Fernando Mendoza, who led Indiana University to its first national championship with a 16-0 record. The sale also grants Durban the right of first refusal if Davis decides to sell his controlling stake in the team. Durban and Meldman previously acquired a combined 15% of the Raiders in December 2024 at a $6.5 billion valuation, including the flip tax. Additionally, NFL legend Tom Brady became a minority investor in the Raiders in October 2024. The Raiders were valued at $9.3 billion in 2025, ranking fourth among the league's 32 teams. The NFL has seen rising team valuations as it works to renegotiate media rights deals. In 2021, the league secured an 11-year, $111 billion media rights deal with an opt-out clause for partners after the 2029 season, except for Disney, which has until 2030. Recent discussions with CBS suggest potential increases in rights fees, with reports indicating a possible 50% rise for Sunday afternoon games. In a related development, Lin Bin, co-founder of Xiaomi, acquired a 1% stake in the Miami Dolphins' parent company at a $12.5 billion valuation in March, further highlighting the growing interest in high-value sports investments.