Tom Brady's purchase of a minority stake in the Raiders gets closer to approval
A year after Tom Brady and Mark Davis agreed to a deal that would make Brady a minority owner of the Raiders, the league is finally close to approving that deal.
Davis had initially agreed to sell Brady a stake in the team at a significant discount, which other owners balked at, and as a result Brady's purchase was stalled. But NFL Media reports today that the Brady-Davis agreement was recently altered to reflect the proper valuation of the team, and it now appears set to gain approval.
The NFL's Finance Committee will consider Brady's purchase at its upcoming meeting on March 4 or 5, and that would pave the way for approval at the NFL Annual League Meeting in Orlando March 24-27.
Brady is purchasing a share of the team along with financier Tom Wagner of Knighthead Capital. How much money Brady is putting in and how much Wagner is putting in remains unclear, but it appears that the other owners are now satisfied that the total amount of money they're investing in their 10 percent stake in the Raiders reflects the actual value of 10 percent of an NFL team.
