Las Vegas Raiders running back Ashton Giunty celebrates a third-quarter touchdown against the New England Patriots at Gillette Stadium on September 7, 2025 in Foxboro, Massachusetts.
Daniel Parkhizkaran | Boston Globe | Getty Images
First Football, the largest minority shareholder in the NFL’s Las Vegas Raiders, plans to sell a 25% stake in the team to a group led by Egon Durban at a valuation of $9.9 billion, according to people familiar with the deal. The people familiar with the deal spoke on condition of anonymity because they were not authorized to discuss the private transaction publicly.
First Football Group bought a 20% stake in the Raiders from Al Davis, father of current owner Mark Davis, in 2007 and later added an additional 5% stake in the team at a weighted average valuation of about $700 million, according to two people familiar with the deal. The officials requested anonymity because the matter is private.
The deal must be approved by the league at next week’s NFL owners meeting. The total consideration in the deal is $11 billion, of which 10% is sales tax, or “flip tax,” that must be paid to the league and then distributed by the other 31 teams, giving the deal an enterprise value of $9.9 billion, people familiar with the deal said.
As previously reported by CNBC, as part of the relocation agreement between the Raiders and the NFL when the team moved from Oakland, California to Las Vegas in 2020, anyone who purchases a portion of the Raiders by March 2037 must pay a percentage of the purchase price to the league.
If the deal is approved, Mr. Davis would still be the controlling owner with 36% of the Raiders, and Durban would be the largest minority owner with more than 11%, said a person familiar with Raiders ownership, who requested anonymity because the matter is private.
In 2024, NFL legend Tom Brady and his business partner Tom Wagner purchased approximately 10% of the Raiders’ stock at a valuation of approximately $3.5 billion, plus a 10% flip tax to the league.
CNBC reported in March that the NFL approved a succession plan in which Davis would sell the Raiders to Durban, who is co-CEO of Silver Lake, at a valuation of more than $11 billion, and that Durban would have an option to buy Davis if Davis decided to sell control.
CNBC’s official 2025 NFL team valuation values the Raiders at $9.3 billion, ranking them fourth out of the league’s 32 teams.
Davis is also the owner of the WNBA’s Las Vegas Aces, who have won three of the past four WNBA championships and was valued by CNBC earlier this month at $500 million, fourth in the league.
Last month, the Raiders selected Fernando Mendoza, the quarterback who won the Heisman Trophy and led Indiana University to its first national championship and a 16-0 record, with the No. 1 overall pick in the NFL Draft.
The Raiders won Super Bowls in the 1976, 1980 and 1983 seasons, but have reached the postseason only twice since 2002.
