Tom Brady’s purchase of a minority stake in the Las Vegas Raiders hasn’t advanced much since it became public in May — and it doesn’t look like it will be approved in the near future.
The NFL finance committee has balked at the discounted purchase price offered to Brady for a minority interest in the Raiders, The Washington Post reported on Thursday. Raiders owner Mark Davis is selling Brady between 5% and 10% of the team. However, Davis reportedly may be giving the former Patriots star a discount — as much as 70%.
The feeling among the owners who comprise the finance committee is that it “can’t happen at that price,” according to the Post’s report.
The Raiders are valued at $6.2 billion by Forbes, although — as evidenced by the Washington Commanders’ purchase earlier this year — teams can be worth more than such estimates. But if Brady agreed to purchase 10% of the Raiders at 70% off, that would be a $434 million discount with the Raiders’ current estimated valuation.
An NFL spokesperson declined to comment. Messages left with the Raiders were not immediately returned.
The process for approval of a minority owner is the same as a controlling owner, a grueling process that Josh Harris had to maneuver to secure the Commanders for a record $6.05 billion.
The NFL reviews an ownership application before a recommendation is made to the finance committee. Then it heads to a full ownership vote, where at least 24 of the league’s 32 owners must vote in favor.
The issues with Brady’s application aren’t expected to be solved ahead of the next NFL owner’s meeting, which begins in New York on Oct. 17, according to The Washington Post.
Brady’s 10-year, $375 million deal with Fox was also cited as another reason for concern. Brady agreed to that broadcast deal in May 2022, although it’s not expected Brady will head to the booth to call NFL games on Fox until next season at the earliest.
Brady’s minority purchase of another Davis-owned team — the Las Vegas Aces — was approved by the WNBA this week. Brady, who made an estimated $332 million in salary and bonuses during his NFL career, has also invested in Birmingham City FC, Major League Pickleball’s Las Vegas Night Owls, and a team in the electric boat racing E1 Series.