Las Vegas Raiders<\/a>\u00a0succession plan that gives Silver Lake co-chief executive officer Egon Durban the option to purchase a majority stake in the team from longtime owner Mark Davis, according to multiple ownership and team executives with direct knowledge of the situation.<\/p>\n“Although sources close to Davis say he has no intention to sell his majority stake, the vote would mean that if and when Davis, or his heirs, did decide to sell, Durban, a limited partner, would have the option to buy the club. Owners would then have to approve Durban as the new controlling owner, per league rules.”<\/p>\n
Davis declined to comment on the matter when approached by ESPN. However, a source close to Davis did speak with them: “Mark has no intention to sell his majority stake in the team. This sets up a smooth succession plan.”<\/p>\n
Davis’ father, Al Davis, joined the then-Oakland Raiders in 1963 as the\u00a0team’s head coach and then became a part-owner from 1966 to 1971. Then Davis served as the team’s managing general partner, principal owner and de-facto general manage for four decades (1972-2011) until he passed away at the age of 82.<\/p>\n
So the Davis family has been involved with the Raiders for 60-plus years. Mark Davis inherited the team after his father passed away and has been the controlling owner for a decade-and-a-half.<\/p>\n
Davis, who also owns the WNBA’s Las Vegas Aces, will remain the majority owner for now. However, per four sources to ESPN, league owners will also vote on Davis selling roughly seven percent of the franchise to Durban as well as another limited partner, Michael Meldman, an American businessman who is the founder and chairman of Discovery Land Company.<\/p>\n
The votes will occur on March 29 at the annual league meeting in Phoenix, per agenda given to NFL teams this week (h\/t ESPN).<\/p>\n
ESPN also reported, per a pair of sources “with direct knowledge of the situation,” that the league’s finance committee has approved the option agreement to give Durban the opportunity to purchase a majority stake in the Raiders.<\/p>\n","protected":false},"excerpt":{"rendered":"While Las Vegas Raiders owner Mark Davis doesn’t intend to sell his majority stake in the team at…\n","protected":false},"author":2,"featured_media":551980,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[559],"tags":[64,63,593,85],"class_list":["post-551979","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nfl","tag-au","tag-australia","tag-nfl","tag-sports"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/551979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=551979"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/551979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/551980"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=551979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=551979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=551979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}