The Las Vegas Raiders are set to undergo a significant ownership change as First Football, currently the franchise’s largest minority shareholder, has agreed to sell its 25% stake to an investment group spearheaded by Egon Durban. The transaction for this quarter-share of the NFL team implies an enterprise value of $9.9 billion, a deal pending approval from the league’s owners during their upcoming meeting on May 19.

The deal’s structure involves a total consideration of $11 billion, from which a substantial “flip tax” of 10%—equating to $1.1 billion—is allocated to the NFL. This levy, which is then distributed among the league’s other 31 teams, stems from a prior agreement enacted when the Raiders relocated from Oakland, California, to Las Vegas in 2020, and applies to any team stake sales until March 2037. This mechanism brings the net enterprise value of the transaction to $9.9 billion. The Raiders currently stand as one of the NFL’s most valuable franchises, with recent assessments placing the team’s overall worth at approximately $9.3 billion, ranking them fourth across the league.

Upon the deal’s finalization, Mark Davis will retain his position as the controlling owner of the Raiders, holding a 36% stake in the franchise. Egon Durban, co-CEO of Silver Lake, will emerge as the largest minority owner, commanding over 11% of the team. This move further solidifies Durban’s involvement with the Raiders, following the NFL’s earlier approval this year of a succession plan that could see him acquire Davis’s controlling interest should Davis opt to sell, a scenario previously reported with an overall franchise valuation exceeding $11 billion.

First Football initially acquired a 20% interest in the Raiders from Al Davis, Mark Davis’s father, in 2007, later expanding its holding by an additional 5%. These previous acquisitions were made at a weighted average valuation of roughly $700 million, highlighting a substantial increase in value over time. The team has also attracted other high-profile investors recently; in 2024, NFL icon Tom Brady and his business partner, Tom Wagner, acquired an approximate 10% stake in the Raiders, a deal valued at around $3.5 billion, also subject to the league’s “flip tax.”