Seven-time Super Bowl champion Tom Brady's purchase of an ownership stake in the Las Vegas Raiders was finally approved during the NFL's fall meeting in Atlanta on Tuesday (October 15), NFL Network's Ian Rapoport reported.
"Tom Brady has now been officially approved by the NFL owners as a limited partner of the #Raiders. With his 5% stake official (but a total purchase of 10% by Brady and his partner), his playing career is now over," Rapoport wrote on his X account.
On Saturday (October 12), ESPN's Adam Schefter reported that the NFL's finance committee reviewed Brady's bid and would hold a vote among the league's majority owners, which would need to be approved by 24 of 32 owners. Brady, along with businessman Tom Wagner, initially agreed to a deal to purchase approximately 10% of the Raiders in May 2023, however, the deal needed to be refined and adjusted after the financial committee argued that it was too discounted upon agreement.
The seven-time Super Bowl champion will become the third player turned owner in NFL history, following late Chicago Bears founder George Halas and late Carolina Panthers founder Jerry Richardson. Brady signed a 10-year, $375 million contract to serve as FOX Sports' new lead NFL analyst in May 2022, weeks after he announced his decision to un-retire and return for his 23rd NFL season.
The deal was set to take place upon the conclusion of Brady's NFL career, however, the seven-time Super Bowl champion opted to spend a gap year with his children and prepare for the role. Brady is the NFL's all-time passing leader for yards (84,520) and touchdowns (624), as well as quarterback wins (243), among numerous other records.
The San Mateo native spent his first 20 seasons with the New England Patriots, leading the franchise to an NFL record six Super Bowl championships (tied with the Steelers), before joining the Tampa Bay Buccaneers as a free agent in March 2020, which resulted in Tampa Bay winning its second Super Bowl in franchise history, becoming the first NFL team to win a Super Bowl in its home stadium, in February 2021.