The Seattle Seahawks are being sold to the Khosla family, including Vinod Khosla, in accordance with the wishes of late team owner Paul Allen, the team announced on Saturday.
Details of the Sale
The Khosla family entered into a formal agreement to purchase the defending Super Bowl champions for $9.612 billion, according to a person familiar with the deal. The person spoke to the Associated Press on condition of anonymity because the deal is still subject to approval by the NFL.
The Khosla family will become the team’s controlling owner, according to a social media post by the Seahawks. “We are honored to be entrusted as the next stewards of the Seattle Seahawks,” Vinod Khosla said in a statement. “We look forward to building on the winning legacy Paul Allen created and to earning the trust of the Seahawks organization and fans everywhere.”
Allen’s estate announced on February 18 it had begun the process of selling the team, which is coming off its second Super Bowl victory in franchise history. Investment bank Allen & Company LLC and law firm Latham & Watkins led the sales process, which was estimated in February to continue through the offseason.
The Khosla family will be required to relinquish its ownership stake in the San Francisco 49ers as part of the deal. NFL owners still have to ratify a final purchase agreement and they are expected to meet in August to approve the deal, ESPN reported.
The Seahawks have been in the Allen family since 1997, when Paul Allen bought the team for $194 million from then-owner Ken Behring. Allen was critical in keeping the Seahawks in Seattle, which is where the team is expected to remain after the sale is finalized.
The Seahawks have a lease at Lumen Field that runs through 2032 with three 10-year options. Since Allen, co-founder of Microsoft, died in 2018 from complications of non-Hodgkin lymphoma at 65, the Seahawks and the NBA’s Portland Trail Blazers have been owned by his sister, Jody.
The estate agreed in September to sell the Trail Blazers to an investment group led by Carolina Hurricanes owner Tom Dundon. The Trail Blazers will remain in Portland as part of the deal, which is awaiting final approval from the NBA Board of Governors.
Original reporting: KSAT Sports (San Antonio) — read the source article.
