The NFL’s Las Vegas Raiders have received additional capital to bring its valuation to just under $10bn thanks to the backing of two TKO executives placing greater focus on the Las Vegas sports market.
The Las Vegas Raiders have brought in several new stakeholders, including TKO Group CEO, Ari Emanuel.
He has acquired a 1.4% stake in the National Football League (NFL) franchise, while TKO COO and President Mark Shapiro has bought a 0.6% share.
Other new stakeholders include Dell Technologies Founder Michael Dell who has acquired a 5.3% stake, and Blackstone‘s Head of Global Private Equity Strategies Joseph Baratta, who acquired a 1.7% share in the Raiders.
This additional capital comes following a divestment from minority shareholder First Football. The consortium, led by David Abrams, Dan Goldring and Paul Leff, has sold off its entire 25.3% Raiders stake, according to the New York Times.
The remaining shares from First Football’s minority stake have been acquired by Raiders Limited Partner Egon Durban (11%), and Real Estate Developer Michael Meldman (5.4%), with both buying into the Raiders in 2024.
Mark Davis remains the majority shareholder in the team with 36% but if he opts to sell the Raiders, Durban has a first of right refusal option.
If the deals are approved by the NFL Board of Governors, CNBC has estimated this would take the Raiders’ valuation to $9.9bn, which would make it the fourth-most valuable team in the NFL.
What’s the play from TKO?
Emanuel has made some notable business decisions in the last several years tied to Las Vegas.
The investment into the Las Vegas Raiders follows the hosting of WWE’s WrestleMania 41 and WrestleMania 42 both being held in Sin City in April 2025 and 2026. This was the first time WWE’s flagship event has been held in the same city for two consecutive years.
TKO’s other company, UFC, is headquartered in Las Vegas and has consistently held events in the city for the past two decades.
Emanuel and Shapiro’s investment in the Raiders suggests the duo have opted for NFL ownership over shares in an NBA franchise.
The NBA is likely to award an expansion franchise to Las Vegas this year, with an estimated $7bn-$10bn expansion fee for the team. However, this would rule out any investment from Emanuel.
That is because the TKO Chief is also the CEO of WME Group, a talent agency company and the parent company of TKO. WME represents basketball players such as Luka Dončić and Anthony Edwards, meaning neither Emanuel or Shapiro can own a stake in an NBA team due to league rules.
The NFL has similar rules in order to avoid conflict of interests between agencies and team owners. WME divested all player agency contracts with NFL players last year.
