The proposed $9.6 billion sale of the Seattle Seahawks has cleared a key hurdle and is now one step closer to becoming the most expensive franchise sale in NFL history.
NFL Finance and Ownership Policy Committees voted unanimously this week to recommend approval of the sale, as first reported by Front Office Sports. The deal would transfer ownership of the Seahawks from the estate of former owner Paul G. Allen to a group led by the family of Silicon Valley venture capitalist Vinod Khosla.
The next step comes Wednesday, Aug. 26, when all 32 NFL owners are scheduled to vote on the transaction during a special league meeting in Atlanta. Under NFL rules, at least three-fourths of owners must approve the sale. That means 24 of the league’s 32 owners must vote in favor for the deal to move forward. If approved, the transaction is expected to close in September.
Who is the Khosla family?
Vinod Khosla is best known in the technology world. The 71-year-old venture capitalist founded Khosla Ventures, a firm that invests in sectors including technology, biotechnology and robotics.
Khosla is estimated to be worth more than $13 billion and already has ties to the NFL as a minority owner of the San Francisco 49ers.
However, if the Seahawks sale is finalized, it will be members of his family who take on leading ownership roles.
According to details of the proposed ownership structure, Khosla’s wife would become the Seahawks’ controlling owner, while the couple’s son, who serves as CEO of a healthcare artificial intelligence company, would take on a significant leadership role.
A new chapter for the Seahawks
The sale would mark only the fourth ownership group in Seahawks history. The franchise was originally owned by the Nordstrom family and Herman Sarkowsky beginning in 1974. In 1988, ownership transferred to Ken Behring and Ken Hofmann.
Paul Allen purchased the team in 1997 and remained owner until his death in 2018. Since then, the franchise has been controlled by his estate. If approved, the Khosla family’s purchase would bring in a new era for the organization while setting a new record for the highest-priced NFL franchise sale ever.
Football remains the focus
While the ownership vote approaches, the Seahawks continue preparing for the upcoming season.
The team is coming off a Super Bowl championship and has spent much of the summer in the national spotlight through HBO’s Hard Knocks series.
On the field, Seattle is preparing for its next preseason matchup against the Tennessee Titans in Nashville. Kickoff is scheduled for 5 p.m. Pacific on Sunday.
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