Tom Brady’s bid to buy part of NFL team approved after lengthy wait

Tom Brady’s wait to join the NFL ownership ranks is finally over.

At the league’s fall meeting Tuesday in Atlanta, owners officially unanimously approved Brady’s bid to purchase approximately 10% of the Las Vegas Raiders with his business partner Tom Wagner.

‘I’m incredibly humbled and excited to have been unanimously approved as an owner of the Las Vegas Raiders,’ Brady said in a statement. ‘Throughout my NFL career, I’ve learned that at its core, football is a game of teamwork, resilience, and a relentless pursuit of excellence. The Raiders franchise ,and the city of Las Vegas embody these same values, and I’m honored to become part of that story.’

The vote brings to a close a process that began in May 2023 but was held up amid questions regarding the financial details of the agreement, including whether Brady had been given too favorable terms amid the franchise’s rise in value.

But Brady’s stake – which is at 5% on its own – was unanimously approved by the league’s finance committee, making Tuesday’s vote almost a formality.

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Tuesday proved to be an eventful day for Raiders owner Mark Davis, with his team also trading wide receiver Davante Adams to the New York Jets.

‘We traded Davante Adams for Tom Brady and a third-round pick,’ Davis said. ‘Although Tom can’t play, he can help us select a quarterback in the future and potentially train him as well. So, it’s a huge benefit to the organization.’

Pro Football Hall of Famer and former Raiders defensive lineman Richard Seymour said Tuesday he, too, had acquired a stake in the franchise.

‘I’m grateful to be an owner in the NFL. That’s significant,’ Seymour told USA TODAY Sports’ Jarrett Bell. ‘I embrace that opportunity and carry with it a sense of pride and purpose. My commitment goes beyond the numbers.’

Said Davis of Seymour’s move: ‘To me, it’s having the right people as part of your organization. Richard and my father got along unbelievably. There was so much mutual respect between those two.’

The partnership marks the second time Brady has done business with Davis, as the former quarterback also agreed to purchase part of the WNBA’s Las Vegas Aces in March 2023.

Brady, 47, retired following the 2022 NFL season, but he hasn’t strayed from the league’s spotlight. Prior to his final campaign, he agreed to a contract with Fox to become the network’s lead in-game analyst, a role he began this season.

Amid his pursuit of partial ownership of the Raiders, however, Brady was given several restrictions on access typically afforded to broadcasters. He has been barred from attending teams’ practices or participating in production meetings, and he is not allowed in other teams’ facilities. As an owner, he also is not permitted to criticize officials on air.

(This story has been updated with new information.)