Tom Brady’s Purchase of a Minority Stake in the Las Vegas Raiders Is Approved by NFL Team Owners

AP

12:48 JST, October 16, 2024

ATLANTA (AP) — Tom Brady has another new role in the NFL: owner.

The seven-time Super Bowl champion purchased a minority stake in the Las Vegas Raiders, a deal unanimously approved by NFL team owners on Tuesday at the league’s annual fall meeting.

In a lengthy statement on X, Brady said he was “incredibly humbled and excited” to receive approval.

“I’m eager to contribute to the organization in any way I can, honoring the Raiders’ rich tradition while finding every possible opportunity to improve our offering to fans… and most importantly, WIN football games,” Brady posted.

Brady also thanked Raiders majority owner Mark Davis, NFL Commissioner Roger Goodell and others.

“It’s an exciting day for the Raider organization,” Davis said. “Although Tom can’t play, I think he can help us select a quarterback in the future and potentially train him as well.”

Brady, who played 23 seasons with the Patriots and Buccaneers, takes 5% control of the Raiders. He needed to receive 24 of 32 votes. The 47-year-old Brady can’t come of out retirement and play again unless he sells his stake in the team.

“It’s great that Tom Brady wants to invest in the NFL,” Goodell said. “He cares deeply about this game. He believes in its future and I think that’s just a signal of that.”

The deal was initially agreed upon in May 2023, but it took owners 17 months to give their approval over concerns Brady was receiving too much of a discount from Davis. Brady’s new job as a broadcaster with Fox also was an issue because it could represent a conflict of interest.

“There were a lot of things from a structural and due diligence standpoint that had to happen, which is why it took so long for it to be approved and we finally got all that put to bed,” Chiefs owner Clark Hunt said.

The NFL placed restrictions on Brady before the season to limit his access. He is not permitted to attend production meetings in person or virtually and may not have access to team facilities or players and coaching personnel. Brady may broadcast Raiders games. He also has to abide by the league constitution and bylaws that prohibit public criticism of officials and other clubs.

Brady also owns a minority stake in the WNBA’s Las Vegas Aces, who are owned by Davis.

Pro Football Hall of Famer Richard Seymour, who played with Brady in New England, also received approval Tuesday to purchase a minority stake in the Raiders.

“This is the mission of a lifetime, and I accept it with both purpose and pride,” Seymour posted on X. “With great opportunity comes great responsibility. And I pledge to be a worthy steward of our game—and all it makes possible.”

Brady and Seymour are the fifth and sixth former NFL players to become owners after George Halas Sr., Jerry Richardson, Warrick Dunn and John Stallworth.

Davis joked that he didn’t like Brady very much when he was an opponent but he tried hard to sign him as a free agent in 2020 before the 15-time Pro Bowl QB went to Tampa Bay.

“We’re really proud to have him as part of the organization,” Davis said. “He’s a competitor, he’s a bright young man. There’s just so many pluses for both sides. It’s great.”

The Raiders haven’t won a Super Bowl since capturing their third title in eight years following the 1983 season. They won their first two championships in Oakland and the last one in Los Angeles. They moved to Las Vegas in 2020 and haven’t won a playoff game since losing the Super Bowl to Tampa Bay on Jan. 26, 2003.