NFL Philadelphia Eagles minority sale approved

The National Football League has agreed to sell a minority stake in the Philadelphia Eagles to two family investment groups.

The deal is an 8% stake in the team and values ​​the Eagles at $8.3 billion, according to a league source.

The sale was approved Wednesday at the NFL owners meeting in Dallas. It includes only the sports team and does not include the stadium or any other assets.

Longtime owner Jeffrey Lurie will retain majority control of the group, the source said, speaking on condition of anonymity to discuss internal operations.

according to CNBC’s official NFL team ratings in September, the Philadelphia Eagles were the ninth most valuable team at $7 billion. CNBC ratings are based on controlling stakes.

The Eagles were ranked No. 9 in the league last year, it earned $669 million in revenue in 2023

The recent sale shows a meteoric rise in the values ​​of sports teams, which have been very strong for the NFL. During Lurie’s more than three decades as Eagles owner, the team’s value grew 13.2% annually, outperforming the S&P 500, and an 8.9% annual rate of increase.

The Eagles received strong interest in the sale from families, individuals and private equity firms, according to the source.

Among Eagles’ newest minority owners is Susan Kim, chairman of the board of product packaging company Amkor Technology. Zack Peskowitz and Olivia Peskowitz Suter will also join the investment team. They are the children of Ed Peskowitz, founder of United Communications Group and former co-owner of the Atlanta Hawks.

Lurie has owned the Eagles since 1994, when he took out a loan to buy the team for $185 million.

Under Lurie’s ownership, the Eagles won their first Super Bowl title in 2018, in addition to multiple conference championships during his tenure. The Birds are currently in first place in the NFC East with an 11-2 record.

Lurie announced in June the potential sale of his minority stake in the team after the league voted to approve a private equity investment.

In addition to the Eagles, NFL owners also approved new minority stakes in the Miami Dolphins, Buffalo Bills and Las Vegas Raiders on Wednesday in the first transactions since. NFL votes to support private action investment this summer.

The The Dolphins agreed to sell a 10% stake to Ares Management and 3% to Brooklyn Nets owners Joe Tsai and Oliver Weisberg, CNBC previously reported. In addition to the team, the transaction includes Hard Rock Stadium, the Formula 1 Crypto.com Miami Grand Prix and continued investment in South Florida. The transaction marks Ares’ entry into NFL ownership. The team’s other active sports include Inter Miami CF, McLaren Racing and Atletico de Madrid, among others.

Meanwhile, Terry and Kim Pegula, majority owners of the Buffalo Bills, welcomed 10 new minority owners, including private equity firm Arctos; Rob Palumbo, Managing Partner, Accel-KKR; and former NBA players Vince Carter and Tracy McGrady, among others.

“It has been an incredible journey to add an impressive and diverse group of limited partners to Arctos with a renowned private equity partner with an extensive track record of success with professional sports franchises,” Terry Pegula said in a statement.

The NFL owners also approved the sale of 15% of Mark Davis’ Las Vegas Raiders to Silver Lake CEO and Endeavor Board Chairman Egon Durban and Discovery Land Co founder and chairman Michael Meldman. The New York Times. This transaction comes after Davis sold a stake of about 10.5% Tom Brady and Knighthead Capital Management co-founder Tom Wagner in October

— CNBC’s Michael Ozanian contributed to this report.

Correction: The Eagles deal is for an 8% stake in the team. A previous version misstated the percentage.