‘Really proud to have him’: Tom Brady’s stake in Raiders approved

ATLANTA — Raiders owner Mark Davis welcomed Tom Brady as a limited partner of the Las Vegas franchise on Tuesday, calling it an “exciting day for the Raiders organization.”

NFL owners unanimously approved the transaction at the league’s fall meetings.

Brady, a seven-time Super Bowl-winning quarterback, and Knighthead Capital Management co-founder Tom Wagner are buying 10 percent of the franchise from Davis.

“We’re just really proud to have him as part of this organization,” Davis said. “He’s a competitor. He’s a bright young man. There’s just so many pluses for both sides.”

Brady, posting on X, expressed gratitude to the NFL for approving him, and thanked Davis for “welcoming me into his family, and the tireless work he’s done to help build on the organization that so many fans know and love today.”

He also said he was ready to help the Raiders return to prominence.

“I’m eager to contribute to the organization in any way I can, honoring the Raiders’ rich tradition while finding every possible way to improve our offering to fans,” Brady wrote. “And most importantly, WIN football games.”

No financial details of the sale were made public. But CNBC, which recently valued the Raiders at $7.8 billion, reported that Brady and Wagner are buying into the franchise at about a $3.5 billion valuation with an equity investment of about $220 million. Brady and Wagner also will pay a 10 percent flip tax, and those proceeds will be divided among the league’s 31 other owners.

The flip tax dates to 2016, when the NFL approved the relocation of the then-St. Louis Rams, Oakland Raiders and San Diego Chargers. Fearing the owners of those teams would sell their franchises at a much higher valuation upon moving to new markets, owners mandated a flip tax be paid to them should part or all of each team be sold.

Big role expected

Brady is expected to have a prominent voice in the team’s football operations. Davis said he trusts and values Brady’s football mind and will lean on him.

“Although Tom can’t play, I think he can help us select a quarterback in the future,” Davis said. “So it’s a huge benefit for the organization.”

Since assuming ownership of the Raiders when his father, Al Davis, died in 2011, Davis has been searching for a football leader to help the franchise. He might have just added that element with Brady.

“The transactions that we are doing are not based on just getting money,” Davis said. “It’s bringing value to the franchise, which is even more important.”

Davis said he began getting to know Brady in 2020 when the quarterback was deciding where he wanted to play after leaving the New England Patriots. Davis wanted to bring him to Las Vegas.

Brady ended up going to the Tampa Bay Buccaneers, where he won the 2021 Super Bowl, but Davis said he stayed in touch with Brady’s agent about him eventually joining the Raiders in some capacity.

“The seeds were sown then,” Davis said. “And today it came to fruition.”

Brady previously acquired a minority ownership share of the WNBA’s Las Vegas Aces from Davis, the principal owner of the two-time league champions.

Restrictions on TV job

Davis and Brady agreed to the terms of the transaction more than a year ago, but the deal was delayed over concerns about the sale price.

Some owners also had misgivings about Brady’s role as a game analyst for Fox Sports while also owning part of the Raiders.

An agreement was reached, and Brady won’t be allowed in another team’s facility or permitted to take part in virtual or in-person broadcast production meetings involving teams.

Davis said he understands his fellow owners’ stance.

“If an owner of the Chiefs wanted to come in and interview my head coach and quarterback, I probably wouldn’t want him to do that, either,” he said. “We’ve been that way the whole time, so I understood what people were concerned about.”

Owners also approved a 0.5 percent sale of the team to former Raiders star and Pro Football Hall of Famer Richard Seymour, who also played with Brady with the Patriots.

“We’re really proud to have Richard in the organization,” Davis said.

Contact Vincent Bonsignore at vbonsignore@reviewjournal.com. Follow @VinnyBonsignore on X.