Tom Brady’s attempt to own a piece of the Las Vegas Raiders is likely to be delayed with no vote expected at the annual NFL meeting next week, according to a Washington Post report.
The retired NFL great had hoped to be on track to approval by league owners by adjusting his bid for 10 percent of the team after the finance committee’s earlier concerns about a price below market value.
Brady initially came to an agreement with Raiders majority owner Mark Davis in May that would make the seven-time Super Bowl champion a minority owner of the NFL’s Las Vegas franchise with a 10 percent stake for a reported $175 million.
The Raiders were valued by Forbes at $6.2 billion in August.
There are concerns that Brady is receiving too much of a discount from what is generally accepted for limited partners, the Post reported. Some owners also see a possible conflict of interest in Brady being an owner while working his new job in the broadcast booth as Fox’s lead NFL analyst. He reportedly is under contract for 10 years and $375 million, beginning next season.
Brady, 46, who retired after the 2022 season after a stellar career with the New England Patriots and Tampa Bay Buccaneers, would be seeking access to other teams’ training facilities and practice fields as part of his preparations for Fox broadcasts.
He is partnering with Tom Wagner, the co-founder of Knighthead Capital Management, in the bid for a share of the Raiders.
The owners meeting is slated to begin Sunday in Orlando. The Raiders’ arrangement with Brady must be approved by at least 24 of the 32 league owners, who generally follow the finance committee’s recommendation.
The owners are meeting again in May in Nashville.
–Field Level Media
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