Back to today’s briefing

Story perspectives

Emanuel, Shapiro Acquire Minority Stakes in $9.9 B Raiders

5/20/2026

47 3 Full Breakdown

Summary

Emanuel, Shapiro Buy Raiders

Ari Emanuel and Mark Shapiro are buying personal minority stakes in the Las Vegas Raiders, valuing the franchise at $9.9 billion.
Emanuel will own 1.4% after the transaction closes later this month.
Shapiro will own 0.6% after the transaction closes later this month.
The Durban-led group, including Michael Dell and Joseph Baratta, will acquire 25% of the franchise.
Mark Davis remains the controlling shareholder of the Raiders.

Summary

Durban Succession Plan

The NFL approved a succession plan giving Egon Durban right to buy a controlling interest if Mark Davis sells or dies.
Tom Brady, a minority owner, serves as the Raiders’ president of football operations and works with GM John Spytek on decisions.
Tom Wagner, co-founder of Knighthead Capital Management, bought a stake in the Raiders.
NFL owners will vote on the Raiders transactions at the Spring League Meeting in Orlando.

History

Historical Context

Robert Kraft, who turned a $22 million 1988 stadium purchase into a record $172 million 1994 acquisition of the New England Patriots, set a precedent for high-value NFL ownership; the franchise’s Forbes valuation rose to $7 billion by 2023. This legacy of soaring team values underpins today’s intensified bidding among media moguls and capital firms for NFL stakes.

1 of 3

Emanuel, Shapiro Buy Raiders

Ari Emanuel and Mark Shapiro are buying personal minority stakes in the Las Vegas Raiders, valuing the franchise at $9.9 billion.
Emanuel will own 1.4% after the transaction closes later this month.
Shapiro will own 0.6% after the transaction closes later this month.
The Durban-led group, including Michael Dell and Joseph Baratta, will acquire 25% of the franchise.
Mark Davis remains the controlling shareholder of the Raiders.

1 / 3