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Las Vegas Raiders owner Mark Davis was given approval by National Football League owners to add Tom Brady as a minority owner of the team, a source confirmed to CNBC. Brady, a seven-time Super Bowl champion, acquired approximately a 10% stake in the Raiders along with his business partner, Knighthead Capital founder Tom Wagner. The deal was unanimously approved by the league’s 32 team owners at a meeting in Atlanta. The exact amount paid by Brady for his stake has not been disclosed, but the Raiders have been valued as the fifth-most valuable franchise in the NFL at $7.8 billion.

The value of the Raiders has risen since their relocation from Oakland to Las Vegas in 2020. The team has seen increased revenue since moving to their new stadium, Allegiant Stadium, in Las Vegas. Revenue from ticket sales, as well as hosting non-NFL events such as concerts and college football games, has contributed to the team’s financial success.

Brady’s interest in owning part of the Raiders began in May 2023, and despite some initial concerns from other owners about the discounted offer, the deal was eventually finalized. Brady, who signed a broadcasting deal with Fox Sports in 2022, will have restrictions on his coverage of the Raiders as an owner. These restrictions include limitations on attending team meetings, accessing team facilities, and publicly criticizing officials and other clubs.

In addition to his ownership stake in the Raiders, Brady is also a minority owner of the Women’s National Basketball Association’s Las Vegas Aces, which is owned by Mark Davis. He will be only the third former NFL player to become a team owner.

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