Group led by Egon Durban to buy 25% of Las Vegas Raiders for $9.9 billion: Sources
Las Vegas Raiders running back Ashton Jeanty celebrates his third quarter touchdown against the New England Patriots at Gillette Stadium in Foxborough, Massachusetts, September 7, 2025.
Danielle Parhizkaran | Boston Globe | Getty Images
First Football, the largest shareholder in the NFL’s Las Vegas Raiders, is selling its 25% stake in the team to a group led by Egon Durban for $9.9 billion, according to a person familiar with the deal, who asked not to be identified because they are not authorized to discuss private transactions publicly.
The First Football League bought 20% of the Raiders from Al Davis, the father of current owner Mark Davis, in 2007 and has since added an additional 5% to the team for an estimated value of about $700 million, according to two people with knowledge of the deal. These people asked not to be identified because the matter is confidential.
The deal is subject to league approval at next week’s NFL owners meeting. The total consideration for the transaction is $11 billion, 10% of which is a sales tax, or “transition tax,” to be paid to the league and shared among the other 31 teams, making the deal’s enterprise value $9.9 billion, according to people with knowledge of the deal.
As CNBC previously reported, as part of the relocation agreement between the Raiders and the NFL when the team moves from Oakland, California, to Las Vegas in 2020, anyone who buys a piece of the Raiders in March 2037 must pay the league a percentage of the purchase price.
If this agreement is approved, Davis will be the owner of the Raiders, 36% of the Raiders, and Theku will be the largest minority, more than 11%, according to a person who knows the ownership of the Raiders who asked not to be identified because the matter is confidential.
In 2024, NFL legend Tom Brady and his business partner, Tom Wagner, purchased a nearly 10% stake in the Raiders for an estimated $3.5 billion, plus a 10% transfer tax on the league.
CNBC reported in March that the NFL approved a succession plan for the sale of the Raiders by Davis Durban, the co-CEO of Silver Lake, for a total of more than $11 billion, as well as authorizing Durban to have the opportunity to buy Davis if Davis decides to sell his controlling stake.
The Raiders are worth $9.3 billion, fourth among the league’s 32 teams, in CNBC’s Official NFL Team Valuations 2025.
Davis also owns the WNBA’s Las Vegas Aces, which have won three of the past four WNBA championships and earlier this month were valued at $500 million by CNBC, the 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 qualified for the postseason only twice since 2002.
