NFL owners vote to approve sale of Seattle Seahawks to Vinod Khosla family
SEATTLE - NFL owners voted to approve the $9.612 billion sale of the Seattle Seahawks from the trust of Paul G. Allen to a group led by Vinod, Neeru and Neal Khosla
The purchase is expected to fully close in September. Neeru Khosla, wife of Vinod Khosla, will serve as the controlling owner under the proposed structure. Their son, Neal Khosla, is also expected to take on a significant leadership role in the organization.
The $9.612 billion is a new record for an NFL team, surpassing the $6.05 billion the Washington Commanders sold for in 2023.
The league's finance committee unanimously voted to recommend approval of the sale to the full collection of owners last week ahead of Wednesday's special league meeting in Atlanta. The finance committee consists of chairman Clark Hunt (Kansas City), Arthur Blank (Atlanta), Joel Glazer (Tampa Bay), Josh Harris (Washington), Shahid Khan (Jacksonville), Robert Kraft (New England), Jeffrey Lurie (Philadelphia), Greg Penner (Denver), and Woody Johnson (NY Jets).
Related: Seattle Seahawks sale: Who is Vinod Khosla?
The backstory:
The Seahawks announced they would be put up for sale shortly after Super Bowl LX in February, and reached an agreement with the Khosla family in July.
Allen signed the Giving Pledge in 2010, which vowed to contribute a large portion of Allen's wealth to philanthropic endeavors. That pledge required that the Seahawks and Portland Trail Blazers eventually be sold, so the proceeds could be donated to charity. The Trail Blazers sold to Carolina Hurricanes owner Tom Dundon in March for a reported $4.25 billion.
Paul Allen purchased the Seahawks in 1997 for $194 million. The purchase price of $9.6 billion means the team has increased nearly 50 times in value since Allen bought the team.
NFL ownership rules require the majority owner to hold at least a 30% stake in the franchise and limits the total number of partners to 25. The Khosla family is still the only known entity involved in the sale, though rumors of minority partners tied to venture capital have been reported.
The Khosla family has also held a limited 3.1 percent stake in the 49ers, which they will need to divest to complete the sale.
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The Source: Information in this story came from FOX 13 Seattle reporting.
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