Tom Brady bid to buy piece Las Vegas Raiders faces more delays
Tom Brady has been trying to buy a slice of the Las Vegas Raiders since he retired last year. But he will now need to wait more. Or he may even need to give up his ownership dreams.
The Washington Post reported that the NFL owners do not plan to vote next week on whether Brady can buy a minority ownership in the Raiders. The owners meet next week in Orlando, Fla., to discuss a variety of issues. The finance committee must approve before the Brady bid before it can be placed on the agenda of all the owners to vote. And then it would take 24 of 32 to approve. The finance committee has yet to stamp yes on Brady’s request.
The Post said the committee had a problem with Brady’s upcoming job as an analyst for Fox Sports on NFL games. They question whether it is a conflict of interest with a minority owner potentially covering Raiders game or influencing others. The Post indicated that Brady and Tom Wagner, a co-founder of hedge fund Knighthead Capital Management, are trying to buy about 10 percent of the Raiders.
Last year, Forbes valued the Raiders at $6.2 billion, which was a 22 percent increase. The average NFL team has a value of $5.1 billion. But Vegas is worth more because of the newness of Allegiant Stadium. Plus, the Vegas metro area is a hot market for everything.
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The Post said that minority owners usually are offered a discount. In other words, math tells us that 10 percent of the Raiders would be $620,000,000. However, that would not be the potential price for Brady. The NFL finance committee voiced concerns about the price quoted to Brady by Davis, who inherited the team from his late father, Al.
After the owners meeting, which starts Sunday, the next time they all get together will be May. And Brady buying into the Raiders is not the only issue on the table. The owners may also address whether to change kickoff rules. And, the group may outlaw the controversial hip drop tackling technique.
As for Brady, he continues to expand his fortune, post football. He became a minority owner in the Las Vegas Aces, the dominant WNBA franchise. Brady became a minority owner of Birmingham City, a soccer club in England. He also merged his own company with NoBull.