Mark Davis Sold Part Of The Las Vegas Raiders (Again)
Everything must go! No offer will be turned away! It kind of feels like that lately as Mark Davis sold part of the Las Vegas Raiders for the second and third time in a matter of months.
On Wednesday, the National Football League approved the longtime Raiders owner to piece off part of his equity in the Raiders to two businessmen: investment firm head honcho Egon Durban and Discovery Land Company founder Michael Meldman. Discovery is the company behind the ultra-elite The Summit Club community on the west side of the valley, so you know he has the cash.
They will each grab 7.5% of the franchise. They are joining the likes of NFL legends Tom Brady and Richard Seymour who both broke off a piece of the team for themselves.
Why Mark Davis Sold Part Of His Baby
If you know anything about the Las Vegas Raiders, they are synonymous with the Davis family. The two are synonymous with one another. So why would Mark want to sell? He’s only 69, in seemingly good health. What’s the deal?
The deal is money and power. Let’s start with power.
The last thing that Mark Davis wants to do is lose control of the Las Vegas Raiders, the team his dad cemented into NFL lore. That’s something he isn’t losing.
In every one of the recent sales they are a “limited partnership”. Think of it like a “non-voting share” of the team. They are buying into the franchise, but Mark Davis still has the keys to the kingdom and retains control of the franchise.
Next is money. If you don’t have to give up your baby, why not cash in and have a little fun? Tom Brady got his 5 percent cut of the team at a steal of a deal (an estimated $175,000,000 at a $3.5B evaluation – far under what the franchise is actually worth). The other investors will pony up some major cash as well.
So you get to have your cake and eat it too? Now we know why Mark Davis sold part of the team. We are shocked it took this long.