On the heels of selling a piece of the team to Tom Brady and Richard Seymour, Raiders owner Mark Davis is shaving off even more of the equity in the franchise.
Fifteen percent more, in all.
Ben Fischer of Sports Business Journal reports that Silver Lake co-CEO and Endeavor chairman Egon Durban has a deal in place to buy 7.5 percent of the Raiders.
Under league rules, the move would require Endeavor to divest itself of the WME Sports’ football representation business.
Said WME Sports co-head Josh Pyatt in a statement to Fischer: “WME Sports’ football group continues to operate business as usual, and we are prepared for various scenarios as it relates to our football representation business, which is thriving, Our priority remains creating growth and opportunity for our clients and partners.”
The WME Sports football division is led by agents Brian Ayrault, Ben Renzin, and Joel Segal. The group represents 78 NFL players, including Bengals quarterback Joe Burrow, Vikings receiver Justin Jefferson, and 49ers defensive end Nick Bosa. WME Sports represents four first-round picks in the 2024 draft, tied for second among all agencies.
Davis is selling another 7.5 percent to luxury golf resort developer and operator Michael Meldman and his family.
The total sale of 15 percent of the team comes from shares held by Davis and by the Boscacci and Lovingfoss families. They are the descendants of two of the original Raiders investors, Eugene and Arnold Boscacci.
The terms haven’t been reported. Per Fischer, Durban and Meldman will be paying a “much higher price” than the sweetheart deal Brady received — $220 million for 10 percent and $24 million of the “flip tax” tracing to the relocation of the team from Oakland to Las Vegas.
Read the full article here
