The Raiders sold their last minority slice and got a number that turned heads. $11.1 billion.
That is what NFL owners just signed off on for the Las Vegas franchise, and it set up a private equity executive to potentially take over the team down the line.
NFL owners approved the sale of a 3.5% stake in the Raiders to Egon Durban, the co-CEO of Silver Lake, at an $11.1 billion team valuation.
Another 3.5% stake is expected to follow soon, which would bring Durban's total stake to roughly 14.5% once both pieces close.
Durban already owned 7.5% of the team after a 2024 deal that valued the franchise at $6.5 billion at the time.
The new number is a 70% bump on that mark in less than two years, which tracks with broader NFL valuations climbing across the league.
Forbes valued the Raiders at $1.43 billion in 2015, before relocation talks to Las Vegas began.
The new $11.1 billion price tag is up roughly 669% from that starting point, which reflects the move, Allegiant Stadium, and a new wave of media and sponsor deals.
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The bigger story is the succession plan, which gives Durban the right of first refusal on Mark Davis's controlling stake.
That means if Davis ever sells, Durban gets the first chance to match the offer before the team can be sold to anyone else.
Davis, who is 70 years old and has no children, has said he is not planning to sell anytime soon.
But the framework lines up a tech investor as the most likely next majority owner of one of the NFL's most recognized franchises.
Silver Lake's portfolio already runs through pro sports, with stakes in City Football Group, Madison Square Garden Sports, and others.
The Raiders add another large piece to that collection, and they give Durban a path to a controlling stake in a U.S. major league team.
NFL franchise values have been climbing for a decade, with the Miami Dolphins approving a separate 1% minority sale to Xiaomi co-founder Bin Lin at the same March 31 NFL meetings, valuing the team and related assets at $12.5 billion - the highest minority valuation in pro sports.
For the Raiders, the next owner is now baked into the cake, with Durban already inside the building and in line to take over whenever Davis decides to step away.
The succession question for one of the NFL's most famous franchises just got answered.
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