Ashton Jeanty jumps on teammate Daniel Carlson as the Las Vegas Raiders celebrate after Carlson hit a 60-yard field goal against the Kansas City Chiefs with eight seconds left in the fourth quarter of their season-closing game at Allegiant Stadium in Las Vegas on Jan. 4, 2026. The 14-12 win was the Raiders’ first against the Chiefs at Allegiant Stadium.
Ethan Miller | Getty Images
The National Football League on Tuesday approved the sale of 7% of the Las Vegas Raiders by controlling owner Mark Davis to Egon Durban, the co-CEO of Silver Lake, and Michael Meldman, the founder and chairman of Discovery Land Co., at an $11.1 billion valuation, according to a person with firsthand knowledge of the deal who asked not to be named because the transaction is private.
The deal includes a 10% “flip tax” the buyers are paying the NFL, the person said. As part of the relocation agreement between the Raiders and the NFL when the team moved to Las Vegas from Oakland, California, in 2020, anyone who buys a piece of the Raiders through March 2037 must pay the league a percentage of the purchase price, according to a person familiar with the terms of the agreement who asked not to be named because the matter is private. Under the agreement, the flip tax rate is 10% from April 2022 through March 2027, he said.
The Raiders, picking first in the 2026 NFL Draft, are expected to select quarterback Fernando Mendoza, who won the Heisman Trophy this past season as he led Indiana University to its first national championship and a 16-0 record.
Along with the sale of the stake in the Raiders, the NFL also approved Davis giving Durban the right of first refusal should Davis decide to sell his controlling stake in the team. Durban and Meldman bought a combined 15% of the Raiders in December 2024 at a $6.5 billion valuation, including the 10% flip tax, according to the person with firsthand knowledge of the deal. NFL legend and broadcaster Tom Brady also became a minority investor in the Raiders, in October 2024.
The Raiders were valued at $9.3 billion, fourth among the league’s 32 teams, in CNBC’s Official NFL Team Valuations 2025.
NFL team valuations have been increasing as the league has been looking to renegotiate big increases in its media rights deals before its current deals expire. As CNBC previously reported, the NFL signed an 11-year, $111 billion media rights deal in 2021 that contains an opt-out clause for the league after the 2029 season for all its media partners except Disney. The NFL can opt out of its deal with Disney after the 2030 season. CNBC reported on March 13 that the NFL and CBS are discussing a deal that could see the league get at least a 50% increase in its rights fee for CBS’ Sunday afternoon games, to more than $3 billion.
Earlier this month Lin Bin, co-founder and vice chairman of Xiaomi, purchased a 1% stake in the company that owns the Miami Dolphins, Hard Rock Stadium, Formula 1 Crypto.com Miami Grand Prix and a significant stake in the Miami Open tennis tournament from Stephen Ross at a $12.5 billion valuation, which put the value of the Dolphins at more than $11 billion, according to a person with firsthand knowledge of the deal who asked not to be named because the transaction is private. In September, CNBC valued the Dolphins at $8.55 billion, ninth in the NFL.