Las Vegas Raiders running back Ashton Jeanty celebrates his third-quarter touchdown against the New England Patriots at Gillette Stadium in Foxborough, Massachusetts, Sept. 7, 2025.
Danielle Parhizkaran | Boston Globe | Getty Images
First Football, the largest minority shareholder in the NFL’s Las Vegas Raiders, is selling its 25% stake in the team to a group led by Egon Durban at a $9.9 billion valuation, according to a person familiar with the deal, who asked not to be named because they are not authorized to speak about the private transaction publicly.
The First Football group bought 20% of the Raiders from Al Davis, the father of current owner Mark Davis, in 2007 and subsequently added 5% more of the team at a weighted average valuation of around $700 million, according to two people with knowledge of the deal. The people asked not to be named because the matter is private.
The deal is subject to league approval at the NFL owners meeting next week. The total consideration of the transaction is $11 billion, 10% of which is a sales tax, or “flip tax,” that must be paid to the league and is then shared by the other 31 teams, making the enterprise value of the deal $9.9 billion, according to the people with knowledge of the deal.
As CNBC has previously reported, 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 buys a piece of the Raiders through March 2037 must pay the league a percentage of the purchase price.
Should the deal be approved, Davis will still be the controlling owner, with 36% of the Raiders, and Durban will be the largest minority owner, with over 11%, according to a person familiar with the ownership of the Raiders, who asked not to be named because the matter is private.
In 2024, NFL legend Tom Brady and his business partner, Tom Wagner, bought a roughly 10% piece of the Raiders at about a $3.5 billion valuation, plus a 10% flip tax to the league.
CNBC reported in March that the NFL approved a succession plan for the sale of the Raiders by Davis to Durban, the co-CEO of Silver Lake, at a valuation of over $11 billion, as well as approving Durban getting an option to buy out Davis should Davis decide to sell his controlling stake.
The Raiders are valued at $9.3 billion, fourth among the league’s 32 teams, in CNBC’s Official NFL Team Valuations 2025.
Davis also owns the Las Vegas Aces of the WNBA, who have won three of the past four WNBA championships and earlier this month were valued at $500 million by CNBC, fourth-most in the league.
Last month, the Raiders selected quarterback Fernando Mendoza, who won the Heisman Trophy and led Indiana University to its first national championship and a 16-0 record, with the first overall pick in the NFL draft.
The Raiders won the Super Bowl following the 1976, 1980 and 1983 seasons but have qualified for the postseason only twice since 2002.
