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2 days ago
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Author of the article:
Associated Press
Rob Maaddi
Published Oct 15, 2024 • 1 minute read
ATLANTA — Tom Brady has another new role in the NFL: owner.
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The seven-time Super Bowl champion purchased a minority stake in the Las Vegas Raiders, a deal approved by NFL team owners on Tuesday at the league’s annual fall meeting.
Brady, who played 23 seasons with the Patriots and Buccaneers, takes 5% control of the Raiders. He needed to receive 24 of 32 votes. The 47-year-old Brady can’t come of out retirement and play football again unless he sells his stake in the team.
The deal was initially agreed upon in May 2023, but it took owners 17 months to give their approval over concerns Brady was receiving too much of a discount from Raiders majority owner Mark Davis. Brady’s new job as a broadcaster with Fox also was an issue because it could represent a conflict of interest.
The NFL placed restrictions on Brady before the season to limit his access. He is not permitted to attend production meetings in person or virtually and may not have access to team facilities or players and coaching personnel. Brady may broadcast Raiders games. He also has to abide by the league constitution and bylaws that prohibit public criticism of officials and other clubs.
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Brady also owns a minority stake in the WNBA’s Las Vegas Aces, who are owned by Davis.
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Pro Football Hall of Famer Richard Seymour, who played with Brady in New England, also received approval Tuesday to purchase a minority stake in the Raiders.
Brady and Seymour are the third and fourth former NFL players to become owners after George Halas Sr. and Jerry Richardson.
The Raiders haven’t won a Super Bowl since capturing their third title in eight years following the 1983 season. They won their first two championships in Oakland and the last one in Los Angeles. They moved to Las Vegas in 2020 and haven’t won a playoff game since losing the Super Bowl to Tampa Bay on Jan. 26, 2003.
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