Tom Brady gets approval to become part owner of the NFL's Las Vegas Raiders

Future Hall of Fame quarterback Tom Brady has officially been granted approval by the NFL to become the new minority owner of the Las Vegas Raiders.

The deal was approved Tuesday at a league meeting and required support from at least 24 of the NFL's 32 team owners. Brady, who now owns about a 5% stake in the franchise, said he was "humbled and excited" to join the Raiders ownership team.

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"Football has been part of my entire life growing up in the Bay Area and in so many ways, my football life and journey has come full circle," Brady said in a statement. "I love the sport, I love my teammates, coaches, and the fans in every organization I've been part of. Sports brings us together in a way nothing else can. I grew up on the field, and it's a blessing to know I'll be involved in the greatest league in the world for the rest of my life."

Brady's bid for a minority ownership stake in the franchise began in May 2023, but was held up numerous times after some NFL owners felt he had been offered a discounted price.

Now, Brady becomes just the third former player to become an NFL team owner. He also owns a minority stake in the WNBA's Las Vegas Aces, which, like the Raiders, is owned by Mark Davis.

The Raiders organization is worth $6.7 billion in 2024, according to a Forbes valuation, making it the seventh-most valuable NFL franchise. Prior to the team relocating from Oakland, California, to Las Vegas four years ago, Forbes valued the Raiders at $2.9 billion, twelfth on the list of most valuable NFL teams.

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Since retiring from the NFL last year, this isn't the first time that the 47-year-old Brady has taken steps to stay involved with the league. He also made his broadcast debut this season, after signing a massive 10-year contract with Fox Sports to be the network's lead NFL analyst.