Ashton Giunty jumps on teammate Daniel Carlson as the Las Vegas Raiders celebrate after Carlson makes a 60-yard field goal with eight seconds left in the fourth quarter of the season finale against the Kansas City Chiefs at Allegiant Stadium in Las Vegas on January 4, 2026. The 14-12 victory was the Raiders’ first victory over the Chiefs at Allegiant Stadium.
Ethan Miller | Getty Images
The National Football League on Tuesday approved a succession plan to sell Las Vegas Raiders controlling owner Mark Davis to Silver Lake co-CEO Egon Durban, according to a person with direct knowledge of the deal, who requested anonymity because the deal is private.
On Tuesday, the league approved Durban’s purchase of a 3.5% stake in the team at a valuation of more than $11 billion. A further 3.5% will be sold to Durban or other investors in the near future, bringing the total stake to 7%.
The deal includes a 10% “flip tax” that the buyer pays to the NFL, the people said. As part of the Raiders’ relocation agreement with the NFL, which saw the team move from Oakland, Calif., to Las Vegas in 2020, anyone who buys any part of the Raiders by March 2037 must pay a portion of the purchase price to the league, said a person familiar with the agreement, who asked not to be identified as the matter is private. Under the agreement, the flip tax rate will be 10% from April 2022 to March 2027, he said.
With the No. 1 pick in the 2026 NFL Draft, the Raiders are expected to select Fernando Mendoza, the quarterback who led Indiana University to its first national championship with a 16-0 record and won the Heisman Trophy last season.
In addition to selling his stake in the Raiders, the NFL also approved giving Durban first priority if Davis decides to sell control of the team. Durban and Meldman acquired a combined 15% stake in the Raiders in December 2024 at a valuation of $6.5 billion, including a 10% flip tax, according to a person with direct knowledge of the deal. NFL legend and broadcaster Tom Brady also became a minority investor in the Raiders in October 2024.
According to CNBC’s official 2025 NFL team valuation, the Raiders are valued at $9.3 billion, ranking fourth out of the league’s 32 teams.
Valuations for NFL teams are rising as the league considers renegotiating significant increases in media rights deals before current contracts expire. As CNBC previously reported, the NFL signed an 11-year, $111 billion media rights deal in 2021, which includes the league’s opt-out clause after the 2029 season for all media partners except Disney. The NFL can terminate its contract with Disney after the 2030 season. CNBC reported on March 13 that the NFL and CBS are discussing a deal that would see the league increase its broadcast rights fees for CBS’ Sunday afternoon games by at least 50% to more than $3 billion.
Earlier this month, Xiaomi co-founder and vice chairman Lin Bing purchased a 1% stake in the company, which owns the Miami Dolphins, Hard Rock Stadium, F1 Crypto.com Miami Grand Prix, and a significant stake in the Miami Open tennis tournament, from Stephen Ross at a valuation of $12.5 billion, valuing the Dolphins at more than $11 billion, sources with direct knowledge of the matter said. The trader requested anonymity as the transaction is private. In September, CNBC valued the Dolphins at $8.55 billion, the ninth-highest value in the NFL.
Correction: The 7% succession plan was approved Tuesday, but only the Raiders’ 3.5% sale was approved. The sale price will be more than $11 billion. A previous version of this article incorrectly stated the percentage sold and the valuation at Tuesday’s meeting.
