Two Groups Competing To Buy Seahawks
Seahawks owner Jody Allen put the franchise up for sale on Feb. 18. First bids were due June 29, and in the time since then, two groups have become clear front-runners to buy the Seahawks, sources told Ben Horney of Front Office Sports
Wyc Grousbeck, former Boston Celtics owner and current alternative governor, and fellow Celtics alternate governor Aditya Mittal have teamed up in an effort to purchase the Seahawks. They are competing against 49ers minority investor Vinod Khosla. At least one former Seahawks player is aligned with one of the groups, though neither his identity nor which side he is involved with were disclosed, according to Horney.
Todd Boehly, chairman of the Chelsea Football Club and a part-owner of the Los Angeles Dodgers and Los Angeles Lakers, looked like a potential Seahawks buyer as of mid-June. He is now out of the race, reports Horney, who adds that Canadian billionaire Steve Apostolopoulos has removed himself from the running. Other groups could still emerge in this process, a source told Horney. For now, though, it’s the Grousbeck-Mittal duo versus Khosla.
There is a possibility the sale of the Seahawks will go through before the regular season begins in September. Whenever it happens, they will become the first NFL franchise to change ownership since Josh Harris bought the Commanders for a record $6.05 billion in 2023. Not only are the Seahawks expected to go for more than that, but they could cost upward of $10 billion.
Todd Boehly Considering Seahawks Ownership Bid
Another billionaire has entered the fray to be the new owner of the Seahawks.
Todd Boehly, CEO of holding company Eldridge Industries, is considering a bid to own Seattle’s NFL team, per Semafor’s Liz Offman. The Seahawks would be the latest addition to Boehly’s extensive sports portfolio, which includes part-ownership in the MLB’s Los Angeles Dodgers and the NBA’s Los Angeles Lakers. He is also the co-owner and chairman of English soccer club Chelsea and majority owner of French soccer club Strasbourg.
Potential partners in Boehly’s bid include Mark Walker, CEO of Guggenheim Partners and co-owner of Chelsea and the Lakers, and unnamed investors in the Middle East.
Projections for the Seahawks’ sale price have fluctuated over the past several months. Initial expectations exceeded $10 billion immediately following the team’s Super Bowl win , but perceptions of a soft market dropped expectations to $7 billion by April. Bidding is now expected to approach $9 billion, which would still set a record for an NFL team’s sale, besting Josh Harris’ 2023 acquisition of the Commanders for $6 billion.
$9 billion would also be one of the highest purchase prices for any American sports team. The Lakers were sold for $10 billion last year. The exact amount of Boehly’s funding in that deal is unknown. He and Walker bought 27% of the team, placing their investment around $2.7 billion.
Other bidders for the Seahawks include a joint venture between Boston Celtics co-owners Aditya Mittal and Wyc Grousbeck and a group led by Sun Microsystems co-founder Vinod Khosla. Adding Boehly into the mix could drive Seattle’s price up further. Formal bids are expected within the next month.
Second-Round Broncos Bids Expected In Coming Days
The process of finding a new owner of the Broncos is approaching a crucial next step. 9News’ Mike Klis reports (on Twitter) that second-round bids for the franchise are due by Monday.
That places a firm deadline on the bidding process, which was expected to reach this stage in the near future. As Klis notes, four groups are expected to place a bid, with the lone exception amongst prospects previously reported as showing interest being the one led by media mogul Byron Allen. He was still considered to be in the running earlier this month, but the list of finalists would seem to no longer include his name.
That leaves the group led by Rob Walton at the top of said list; the Walmart heir has a personal value of more than $70MM, and has consistently been labelled as the frontrunner to win the bidding process. Among his competitors is the pairing of 76ers owner Josh Harris and Magic Johnson, the group involving Todd Boehly (which is in the process of purchasing English Premier League club Chelsea) and, the most recent addition to the mix, brothers Mat and Justin Ishbia.
In a follow-up, Klis details that if the group including Boehly were to be successful, he would be a “limited partner”. Instead, Jose Feliciano would be the lead owner, something which would satisfy the league’s desire for minority ownership in this process. While Klis further tweets that the trio involving Boehly, Feliciano and Behdad Eghbali would constitute surprise winners in the bidding process at this point, they remain in contention to make a second major purchase in a matter of weeks.
With the next round of bids – long expected to approach the $5B mark, which would comfortably set a new North American sports record – set to be made in the coming days, Klis reports that the sales process could be completed by late June or early July (Twitter link). That would stay in line with the overarching thought that a new owner would be in place in time for the 2022 campaign, and bring an end to one of the league’s top off-the-field storylines.
Mat, Justin Ishbia In Mix To Buy Broncos
The Broncos are down to five potential owners. Another of those groups became known Wednesday night. Brothers Mat and Justin Ishbia front a group that remains in contention to acquire the AFC West franchise, Mike Klis of 9News reports.
Mat Ishbia was a member of Michigan State’s national championship-winning 1999-2000 basketball team. He has since become quite successful in the mortgage business. The Ishbias toured the Broncos’ facility and met with team executives recently, Klis adds, noting Mat would be the controlling owner if this group makes the top bid. Mat Ishbia played three seasons with the Spartans, being on the Tom Izzo-coached team from 1999-2002. Yahoo Finance lists his net worth at around $11 billion.
This group joins the ones headed by Philadelphia 76ers owner Josh Harris and Magic Johnson, Walmart’s Rob Walton and longtime media mogul Byron Allen. Dodgers and Los Angeles Sparks part-owner Todd Boehly has been connected to this pursuit, but Klis notes it is not certain if he remains in the mix. Boehly has been in Europe finalizing his most recent high-profile acquisition, English Premier League club Chelsea. Allen has also yet to visit the Denver facility, but he remains in play to buy the team.
Walton was previously mentioned as the favorite here, while Harris’ group received the first tour. The team must accept the highest bid, one that is expected to approach or surpass $5 billion — a mark that would shatter the American professional sports record. Second-round bids for the Broncos have yet to take place, per Klis, but those offerings appear to be coming soon.
Magic Johnson Joins Ownership Group Bidding To Buy Broncos
The Broncos have narrowed their prospective owner list to five, according to Mike Klis of 9News, who adds the first of those groups — the one fronted by New Jersey Devils owner and Philadelphia 76ers managing partner Josh Harris — met with Broncos executives and bank and transaction lawyers Thursday.
Harris’ group is believed to now have a big name attached. Magic Johnson has joined the group, according to Sportico (on Twitter). This is interesting considering Johnson partners with another of the Broncos’ ownership candidates — Todd Boehly — in a consortium that owns the Los Angeles Dodgers.
The NBA icon and former Lakers president of basketball operations has a 2.3% stake in the Dodgers, making a $50MM investment. The Broncos are expected to be sold for more than $4.5 billion, which will shatter an American sports record. The NFL has sought minority representation in the next Broncos ownership group, though Harris’ contingent is not believed to be the favorites. Walmart chairman Rob Walton is believed to be the frontrunner, and Ian Rapoport of NFL.com notes his group and Boehly’s will visit soon (Twitter link). This process remains on track to be resolved before the season, RapSheet adds.
John Elway and Peyton Manning have been mentioned as interested parties, but Klis adds neither are expected to join a group until the bidding is settled. Elway remains interested in an advisory role with the eventual owner. The former Broncos GM currently serves as a consultant to successor George Paton.
A second round of bids has not yet taken place, per Klis. The highest bid must be accepted, with the winner then needing to be approved by three quarters of NFL owners. The last NFL sale ended with David Tepper‘s Panthers acquisition being approved by a 32-0 margin. Harris, 57, is well known in NFL circles, having bought the 5% stake in the Steelers that Tepper sold upon buying the Panthers.