NFL Owners Approve Record $9.6bn Sale of Seattle Seahawks to Khosla Family
The National Football League's owners have unanimously approved the sale of the Seattle Seahawks to a group led by the Khosla family for a league-record $9.6bn, according to a report from Al Jazeera. The sale, announced on July 11, was ratified at a special meeting of owners in Atlanta on Wednesday, requiring at least 24 of 32 votes, which it received unanimously.
The transaction marks the highest price ever paid for an NFL franchise and the second-highest valuation in North American sports history, trailing only the Los Angeles Lakers, which sold for $10bn last year and was more recently valued at $12.5bn.
The sale fulfills the wishes of the late Paul Allen, who owned the Seahawks from 1997 until his death in 2018. Allen's estate inherited the team, and his will stipulated that it be sold and the proceeds distributed to charities. Allen originally bought the franchise for $194 million.
Vinod Khosla, the 71-year-old venture capitalist and co-founder of Sun Microsystems, will lead the new ownership group alongside his wife Neeru, who will serve as controlling owner, and their son Neal, who is expected to have a major role in the team's operations. Khosla, who was born in Pune, India, and moved to the US in 1976, said he was first a fan of the Pittsburgh Steelers but has since embraced the Seahawks.
At a press conference following the vote, Khosla expressed his gratitude and excitement. "How often do you get to buy a franchise that just won the Super Bowl?" he said, referencing the Seahawks' February victory over the New England Patriots. "We are incredibly lucky and humbled by this gift, I would say, from the Allen trust."
Khosla also outlined his vision for the team's future. "The task ahead is actually pretty simple," he said. "Keep the winning streak alive. Get another Super Bowl. That's simple. In general, our approach is generally going to be long-term focused. That's our inclination always. So keep winning, take a long-term approach, and learn a lot."
NFL Commissioner Roger Goodell praised the deal, noting that the Khosla family's experience with the San Francisco 49ers was attractive to the league. Vinod Khosla, who is a limited partner in the 49ers, having bought a 3.1 percent stake last year, will be required to relinquish that holding as part of the agreement to avoid conflicts of interest.
The sale completes a lengthy search by the Allen estate for a suitable buyer, and the unanimous approval from owners signals broad confidence in the new ownership group. The Seahawks, who have won two Super Bowls in franchise history, will now enter a new era under the Khosla family's stewardship.