The Las Vegas Raiders made big news on Tuesday, announcing a new deal that added several high-profile limited partners to an organization valued at nearly $10 billion.
It’s estimated that Dell paid $524 million for his stake in the Raiders.
The marquee limited partners and first-time buyers in the transaction include Blackstone Head of Global Private Equity Strategies Joseph Baratta and TKO Group executives Ari Emanuel and Mark Shapiro, under a deal approved by NFL owners on Tuesday. The other two buyers include private equity business leader Egon Durban and real estate developer Michael Meldman, who bought into the team in 2024.
Dell’s ability to buy into the Raiders stems from First Football’s divestment of a 25.3% stake in the club.
The total consideration of the transaction is $11 billion, 10% of which is a sales tax, or “flip tax,” which must be paid to the league and is then shared by the other 31 teams, making the enterprise value of the deal $9.9 billion, according to the people with knowledge of the deal.
NFL legend and minority owner Tom Brady also is a major beneficiary.
Brady owns a 5% minority ownership stake in the Las Vegas Raiders, a deal officially approved by NFL owners. Alongside business partner Tom Wagner, he purchased a combined 10% share of the franchise in 2023 at a team valuation of $7.8 billion, with an estimated total payout of $244 million. Brady’s superstar appeal earned him a below-market rate for the ownership stake, for which he paid $122 million, while the stake was actually worth $390 million.
Three years later, Brady’s ownership stake has likely increased by more than nine figures, to a $495 million stake in the Raiders after the deal closes.