ATLANTA — NFL owners voted in favor of Las Vegas Raiders owner Mark Davis’ sale of a minority stake in the franchise at the league’s fall owners’ meetings Tuesday. Former NFL quarterback Tom Brady, former NFL defensive lineman Richard Seymour and businessman Tom Wagner, the co-founder of Knighthead Capital Management, were approved as minority owners.
Davis sold about 10.5 percent of the Raiders, according to league sources, with Brady and Wagner purchasing about 5 percent each. Sports Illustrated reported Tuesday that Seymour acquired about 0.5 percent. The prices Brady, Wagner and Seymour paid for their respective shares were undisclosed.
“I’m incredibly humbled and excited to have been unanimously approved as an owner of the Las Vegas Raiders,” Brady said in a statement released on X. “Throughout my NFL career, I’ve learned that at its core, football is a game of teamwork, resilience and a relentless pursuit of excellence. The Raiders franchise and the city of Las Vegas embody these same values, and I’m honored to become part of that story.”
Commitment to Excellence @Raiders pic.twitter.com/GS0WwHkAtz
— Tom Brady (@TomBrady) October 15, 2024
“It’s great that Tom Brady wants to invest in the NFL,” league commissioner Roger Goodell said at the meetings Tuesday. “He cares deeply about this game. He believes in its future.”
It was an eventful day for the Raiders as they welcomed three new minority owners on the same day they traded star receiver Davante Adams to the New York Jets for a conditional third-round pick.
“We traded Davante Adams for Tom Brady and a third-round pick today,” Davis joked to reporters.
On a serious note, Davis’ decision to sell part of the franchise wasn’t just about receiving a large sum of cash. He also wanted to formally add the collective football acumen possessed by Brady and Seymour.
“The transactions that we’re doing are not based on just getting money,” Davis said. “It’s bringing value to the franchise.”
Seymour played for the Raiders from 2009 to 2012, which included the franchise’s last years under the late Al Davis and son Mark’s first full season as controlling owner. Seymour had a relationship with both father and son. This past offseason, he was on the interview panel that helped hire general manager Tom Telesco and coach Antonio Pierce.
I’m deeply grateful—humbled and honored—to become a NFL owner. This is the mission of a lifetime, and I accept it with both purpose and pride. With great opportunity comes great responsibility. And I pledge to be a worthy steward of our game—and all it makes possible. @Raiders
— Richard Seymour (@BigSey93) October 15, 2024
Brady could eventually be involved, as well.
“I’m eager to contribute to the organization in any way I can,” Brady said in his statement, “honoring the Raiders’ rich tradition while finding every possible opportunity to improve our offering to fans … and most importantly, WIN football games.”
Davis’ relationship with Brady deepened when the longtime New England Patriots quarterback became a free agent in 2020. The Raiders were interested in signing Brady, but then-coach Jon Gruden decided to pass.
“I wanted him to play for the Raiders,” Davis said. “It didn’t come to fruition for certain reasons, and he went to Tampa Bay and ended up winning a Super Bowl. I had stayed in touch with his agent and just let his agent know at the time that I would love, at some point in time, for Tom to be part of this organization. The seeds were sown then, and it came to fruition.
“I’ve gotten to know Tom over the last four years. He’s just really one hell of a guy.”
Although Davis said it would be “putting the cart before the horse” to define a role for Brady at this point, he did indicate the future Hall of Famer could have a significant role in football operations.
“Although Tom can’t play, I think he can help us select a quarterback in the future and potentially train him as well,” Davis said. “It’s a huge benefit to the organization.”
Mark Davis sees Tom Brady having a say in the Raiders’ next starting QB 👀 pic.twitter.com/cuKoqHM5Sz
— The Athletic (@TheAthletic) October 15, 2024
That said, neither Brady nor Seymour can carry titles with the Raiders besides “limited partner.” According to NFL rules, someone with equity can only be a team employee if they’re the controlling owner or are related to the controlling owner.
Brady will continue his role as a game analyst on Fox. The NFL has already placed restrictions on Brady, which he agreed to before the start of this season, according to a league source. He’s not allowed access to other teams’ facilities and practices, nor can he attend broadcast production meetings, which usually include meetings with coaches and players ahead of games.
“It’s something that (owners) did have concerns about,” Davis said. “I would say that if an owner of the Chiefs wanted to come and interview my head coach and quarterback, I probably wouldn’t want him to do it, either. … I understood what people were concerned about.”
Brady is also not allowed to publicly criticize officials or other teams and could be fined or suspended if the league feels he breaks that policy. He also must abide by the league’s gambling and anti-tampering policies and is limited to “strictly social communication” with members of other teams.
“Tom’s been abiding by the issues that we’ve raised in the committee voluntarily since he began broadcasting,” Goodell said Tuesday, “so that’s all been resolved. It’s been followed very clearly, and everyone seems to be satisfied with that.”
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Davis remains the Raiders’ controlling owner. That means he has the final say over all decisions concerning the franchise and is the only one who has voting rights at the NFL owners’ meetings.
In fact, Davis could sell nearly all of his stakes in the Raiders and would still be the controlling owner. As of 2022, the NFL dropped the minimum percentage of a team that a longstanding owner must control from 5 percent to 1 percent for teams that have had the same owner for at least 10 years. Davis has owned the team since his father Al died in 2011, so he would fall into that group.
For someone else to become the controlling owner, they would need to acquire at least a 30 percent stake in the franchise. They would also need to own more shares than Davis and his mother Carol Davis, the co-owner of the team. Davis, 69, has no siblings and is single with no children. If that remains the case, when he and his mother die, the franchise would likely be put up for sale.
Mark Davis proud to have Tom Brady as Vegas Raider pic.twitter.com/9Rm75m12ZR
— Dianna Russini (@DMRussini) October 15, 2024
Of course, Davis could decide to pass the ownership torch while he’s still living. Brady, Wagner and Seymour, among others, could theoretically make a push to pull that off at some point. That could be more important down the road, but the most relevant point to monitor for the Raiders in the immediate future is the level of influence Brady and Seymour have, in particular.
Davis has been open about the fact that he doesn’t possess the football acumen that his father did and has expressed a desire to fill that void in football operations. Leaning on a pair of Hall of Fame players could be a means of remedying that.
“I talked to NFL players, current and former, about the future of the NFL,” Goodell said, “and I think there’s a lot of interest (in team ownership). Particularly former players are doing that, and I’ve encouraged them. You see two examples here, both Richard and Tom, but there are others … that are potentially going to be in the process in the very near future. We think that’s a great thing.”
This development comes as the Raiders are in a period of transition. In their first year with Pierce and Telesco at the helm, they sit at 2-4. The team hasn’t made the playoffs since 2021, hasn’t won a playoff game since 2002 and doesn’t look close to ending either of those streaks this season.
Davis bears the lion’s share of the responsibility for getting the Raiders back on the right track. Now, he has some more help to figure things out.
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(Photo: Ron Jenkins / Getty Images)