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.
