After a lengthy delay due to concerns by other NFL owners about the potentially low price, it appears Tom Brady is on track to be approved as a part owner of the Las Vegas Raiders, NFL Network reported on Sunday.
Brady’s contribution to the ownership group reportedly has been adjusted to line up with the Raiders’ market value and will be reviewed by the NFL’s Finance Committee when it meets in New York on March 4 or 5.
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.
However, several owners, including Indianapolis Colts owner Jim Irsay, expressed concern that Brady’s initial investment did not match the Raiders’ market value, necessitating the adjustment, according to multiple reports earlier this week.
“We’re trying to work through,” Irsay said of the ongoing review of Brady’s deal. “The number just has to be a reasonable number for purchase price for Tom, is the only thing. If reasonable value says that 10 percent should be $525 million, you can’t pay $175 million.”
The Raiders were valued by Forbes at $6.2 billion in August.
A league spokesman told NFL Network on Saturday the “matter remains under review by the finance committee.”
Final approval of the former New England Patriots and Tampa Bay Buccaneers star’s ownership could come during the NFL Annual League Meeting on March 24-27 in Orlando.
Brady already is part-owner of a sports team primarily owned by Davis. In March, Brady acquired a minority stake in the WNBA’s Las Vegas Aces.
Regardless of what happens with his ownership attempts, Brady will be watching the upcoming NFL season from his position in the broadcast booth as Fox’s lead NFL analyst. He reportedly signed a 10-year, $375 million contract for the gig.
–Field Level Media