LAS VEGAS — The Las Vegas Raiders have been valued at approximately $9.9 billion in a private equity-backed transaction that transferred a significant minority stake in the National Football League franchise, according to people familiar with the deal and reports confirmed by multiple media outlets.
The transaction, which received NFL approval in May and remained one of the league's largest franchise equity deals, involved the sale of a roughly 25% stake held by minority investors to a consortium led by Silver Lake executive Egon Durban. The stake was not sold by controlling owner Mark Davis, according to people familiar with the matter.
Bloomberg reported that the deal valued the Raiders at $9.9 billion, placing the franchise among the most valuable teams in professional sports. The equity sold largely came from First Football, a long-time minority investor in the organization.
According to reports, the transaction required approval from NFL owners under league ownership rules. The deal also included a league-mandated fee tied to the Raiders' relocation agreement when the franchise moved from Oakland to Las Vegas, resulting in a total transaction value reported at about $11 billion, including the additional assessment.
The investor group includes Durban and real estate developer Michael Meldman, who expanded their holdings in the franchise. Subsequent ownership changes approved by the league also brought in additional investors, including entertainment executives Ari Emanuel and Mark Shapiro, according to company representatives and media reports.
Mark Davis remains the Raiders' controlling owner following the transaction, according to reports and statements associated with the ownership approval process.
“The equity being sold is from minority investors and not controlling owner Mark Davis,” Bloomberg quoted people familiar with the matter as saying when details of the agreement were first reported.
The transaction highlights the growing role of institutional and private equity investors in professional sports ownership. The NFL in recent years has expanded rules permitting approved investment firms and investment groups to acquire minority stakes in franchises, subject to league oversight.
The Raiders, one of the NFL's most recognizable franchises, relocated to Las Vegas in 2020 and now play at Allegiant Stadium. Since the move, franchise valuations across the league have continued to rise, driven by media rights revenue, sponsorship agreements and demand for limited ownership interests.
As of June 22, 2026, the ownership changes had been approved and completed, with Davis retaining control of the team and the new investor group holding a substantial minority position in the franchise.
