Back in March, ESPN reported that the Las Vegas Raiders put together a succession plan that would allow Egon Durban, an executive at Silver Lake, to become the controlling owner of the team once Mark Davis decides to step away.
It was also reported that the Raiders were selling Durban and his team an additional 7%. However, it doesn’t look like they’re stopping there. According to Bloomberg’s Randall Williams, Durban is not set to acquire 25% of the team. This time, he’s not accumulating these shares from Davis.
“A group led by Silver Lake executive Egon Durban is acquiring 25% of the Las Vegas Raiders, according to people familiar with the matter,” Williams wrote.
“The equity being sold is from minority investors and not controlling owner Mark Davis, said the people, asking not to be named discussing private information. The Raiders’ valuation wasn’t clear. Sportico has the team’s value at $7.9 billion, ranking ninth in the NFL.”
It’s not entirely clear exactly how much of the Raiders Davis owns at this point, but it appears he still controls at least 40% of the franchise. Durban and his group are getting closer, but it’s unlikely they will get much more than 25% until Davis decides to sell.
When Will Davis Officially Sell Raiders?
It’s clear that the plan is for Durban and his group to eventually run the Raiders. However, it seems like they’re working to quickly get as big a share as possible. ESPN reported that Davis has no plans to give up controlling interest in the team anytime soon.
He had a chance to speak about the ownership situation.
“Well, Egon Durban bought 7 percent of the team and he has an option to purchase the controlling interest of the team should I decide to sell,” Davis told Raiders.com in March.
While Durban is likely going to have a bigger voice in the building going forward, Davis claims nothing is changing right now.
“Nothing,” Davis said. “Absolutely everything runs exactly the way it’s been.”
He said this before it was reported that Durban was getting 25% of the team, so it’s not clear if things will actually be changing. A big reason why this all started to go down this offseason was that Davis’ mother, Carol, died during last season. This led to him having to give the NFL a clear succession plan.
“The NFL forces you to have a succession plan,” Davis said. “And up until [five] months ago, my mom and I were both alive and my mom passed away.”
What This All Means for Raiders
Davis can say that he doesn’t plan to sell his majority stake any time soon, but he’s about to turn 71. It has to be somewhat appealing to give up his controlling interest at a $10 billion valuation.
That said, it’s unlikely to happen over the course of the next few years. Davis likely wants to build a winner before he hands off the franchise. The team hasn’t won a playoff game under his ownership. Once the Raiders are in a better place, it’s easier to see him feeling comfortable about walking away.
Minority owner Tom Brady is considered one of Durban’s guys, so it’s possible that his role will also start to increase in the coming years.
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