Philadelphia Eagles quarterback Jalen Hurts (1) watches the second half of the game between the Carolina Panthers and Philadelphia Eagles at Lincoln Financial Field on December 8, 2024 in Philadelphia, Pennsylvania.
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The National Football League has approved the sale of a minority stake in the Philadelphia Eagles to two family investment groups.
The deal, which gives the Eagles an 8% stake in the team, would value the Eagles at $8.3 billion, league officials said.
The sale was approved Wednesday at the NFL owners meeting in Dallas. This only includes sports teams and does not include stadiums or other assets.
Longtime owner Jeffrey Lurie will maintain majority control of the team, according to a person familiar with the matter who asked not to be identified discussing internal operations.
According to CNBC’s Official NFL Team Ratings in September, the Philadelphia Eagles were the ninth most valuable team at $7 billion. CNBC ratings are based on control rights.
The Eagles were ninth in the league in revenue last year, bringing in $669 million in 2023.
The sale marks a sharp rise in the value of a sports team that has been exceptionally strong for the NFL. Over the 30-plus years that Lurie owned the Eagles, the team’s value increased by 13.2% each year, outpacing the S&P 500, which increased at an annual rate of 8.9%.
The Eagles received strong interest in the sale from families, individuals and private equity firms, according to people familiar with the matter.
The Eagles’ new minority owners include Susan Kim, chair of the board of Amkor Technology, a product packaging company. Zach Peskowitz and Olivia Peskowitz Suter will also join the investor team. They are the children of Ed Peskowitz, founder of United Communications Group and former co-owner of the Atlanta Hawks.
Lurie has owned the Eagles since 1994, when he went on loan and bought the team for $185 million.
Under Lurie’s ownership, the Eagles won their first-ever Super Bowl title in 2018 and also won several conference championships throughout his tenure. The Birds are currently in first place in the NFC East with an 11-2 record.
Lurie first announced the potential sale of a minority stake in the team in June after the league voted to approve a private equity investment.
More NFL Deals
In addition to the Eagles, NFL owners on Wednesday also approved new minority stakes in the Miami Dolphins, Buffalo Bills and Las Vegas Raiders, the first deals since the NFL voted to allow private equity investments this summer.
As previously reported by CNBC, the Dolphins have approved the sale of a 10% stake to Ares Management and a 3% stake to Brooklyn Nets owners Joe Tsai and Oliver Weisberg. did. In addition to the team, the deal also includes Hard Rock Stadium, the F1Crypto.com Miami Grand Prix and continued investment in South Florida. The deal marks Ares’ acquisition of NFL ownership. The group’s other sporting properties include Inter Miami CF, McLaren Racing and Atletico Madrid.
Meanwhile, Buffalo Bills majority owners Terry and Kim Pegula welcomed 10 new minority shareholders, including private equity firm Arktos. Rob Palumbo, co-managing partner of Accel-KKR. Former NBA players Vince Carter and Tracy McGrady.
Terry Pegula said in a statement: “We are incredibly excited to add Arctos’ reputable private equity partners with such an impressive and diverse group of limited partners and an extensive track record of success with professional sports franchises. It was a journey like no other.”
According to the New York Times, NFL owners are giving a 15% stake in Mark Davis’ Las Vegas Raiders to Egon Durban, co-CEO of Silver Lake and chairman of Endeavor’s board, and Michael, founder and chairman of Discovery Land.・He also approved the sale to Mr. Meldman. The deal comes after Davis sold about a 10.5% stake in October to Tom Brady and Knighthead Capital Management co-founder Tom Wagner.
—CNBC’s Michael Ozanian contributed to this report.
Correction: The Eagles’ deal is for them to take an 8% stake in the team. Percentages were listed incorrectly in previous versions.
