After more than a year of discussions, Tom Brady and businessman Tom Wagner have reached an agreement with Las Vegas Raiders owner Mark Davis to acquire a 10% stake in the franchise. The proposal was set to be reviewed by the NFL‘s finance committee on Tuesday, but reports suggest the decision may have come ahead of the meeting.
As ESPN journalist Adam Schefter reports in his article, “Tom Brady is expected to be approved as a minority owner of the Las Vegas Raiders at Tuesday’s NFL fall owners’ meeting in Atlanta, league sources told ESPN.”
Brady and Wagner needed approval from the finance committee before the proposal could move forward to a vote, requiring the support of 24 out of 32 NFL owners. Reports indicate that the committee has already given the green light, and no owners are expected to oppose the deal.
Raiders owner Mark Davis was enthusiastic when the proposal first came to light in May 2023: “We’re excited for Tom to join the Raiders. And it’s exciting because he will be just the third player in the history of the National Football League to become an owner,” he told ESPN’s Paul Gutierrez at the time.
Las Vegas Raiders owner and managing general partner and Las Vegas Aces owner Mark Davis (L) and Tom Brady attend Game One of the 2023 WNBA Playoffs finals between the Aces and the New York Liberty at Michelob ULTRA Arena on October 08, 2023 in Las Vegas, Nevada.
Why was the deal delayed?
As stated previously, Davis agreed to the bid from Brady and Wagner in May 2023. But how come it turns official after 17 months? The transaction was delayed due to concerns over the sale price.
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As The Washington Post reports, both Brady and Wagner increased their financial offer to address concerns from the NFL’s finance committee. The committee had initially been hesitant to approve the deal, worried that Davis was offering them too steep of a discount, which was one of the primary reasons the proposal wasn’t discussed in earlier meetings.
How will this affect Brady?
Tom Brady made his debut as a color commentator in the NFL during Week 1, starting the first of a 10-year, $375 million deal with Fox Sports to be their main NFL analyst. However, as a future NFL club owner, Brady will need to navigate a delicate balance to avoid conflicts of interest.
To prevent any potential issues, Brady will be required to adhere to several NFL policies, including a ban on publicly criticizing officials or teams. Violating these policies could result in fines against both him and the Raiders. Additionally, Brady will not be allowed to visit other teams’ facilities or attend practices.
Furthermore, Brady will be subject to the league’s strict gambling and anti-tampering rules, which will limit his interactions with players and staff from other teams, including on social media. As it seems, Brady’s range of action will be drastically reduced.
