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How Tom Brady could buy into the Raiders and why he wants a piece of the NFL pie

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How Tom Brady could buy into the Raiders and why he wants a piece of the NFL pie

Tom Brady, a surefire future Pro Football Hall of Fame inductee and arguably the greatest player in NFL history, could be on the precipice of NFL ownership.

Brady and businessman Tom Wagner, the co-founder of Knighthead Capital Management, came to an agreement with Las Vegas Raiders owner Mark Davis to buy into the franchise last year. Their bid will be discussed at the NFL’s owners’ meetings on Tuesday in Atlanta, according to a league source. The league’s financial committee will review Brady’s bid, with a potential vote to follow.

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Here’s an explainer of how Brady and the Raiders got here:

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What is the process for Brady becoming a part-owner of the Raiders?

Brady and Wagner had to reach an agreement with Davis to purchase a minority stake in the franchise, which they did in May 2023. From there, the bid is reviewed by the NFL’s finance committee, which was formed last year and is composed of owners. The committee decides if the bid will proceed to a vote. If it does, the bid must be approved by 24 of the NFL’s 32 majority owners.

What would his ownership share be, and how much is he paying for it?

According to league sources, the agreement between Brady, Wagner and Davis is for a 10 percent stake in the Raiders. CNBC estimated the value of the Raiders to be $7.8 billion last month, but that doesn’t mean Brady and Wagner have to pay $780 million.

That’s because a valuation is based on the estimated price the Raiders would draw if Davis sold the entire stake. The price Brady and Wagner agreed on with Davis has not been disclosed, but it’ll likely be substantially less than 10 percent of the valuation of the Raiders.

How does one pay for, say, a 10 percent share of an NFL team? Does he have to come up with cash, or is it a payout over a longer period?

Brady and Wagner have to pay cash. If they don’t have the full amount on hand, they’ll have to take out a loan.

Why has the process taken so long?

It has taken some time to nail down the final price. According to The Washington Post, the NFL’s finance committee raised concerns last year that Davis was giving Brady and Wagner too much of a discount. The Post reported earlier this month that Brady and Wagner have since increased their offer to “far more money than originally proposed.”

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What would be different for Brady given his TV broadcasting career?

The NFL has already placed restrictions on Brady in his role as a Fox analyst. He’s not allowed access to other teams’ facilities and practices, nor can he attend broadcast production meetings, which usually include meetings with coaches and players ahead of games.

In the scenario that he’s approved as a minority owner, however, the restrictions would increase. According to an ESPN report in August, Brady wouldn’t be able to publicly criticize officials or other teams and could be fined or suspended if the league feels he breaks that policy. He would also have to abide by the league’s gambling and anti-tampering policies, and he would be limited to “strictly social communication” with members of other teams, per the report.

What is Brady’s connection to Raiders owner Mark Davis?

In January 2020, Brady attended UFC 246 and was photographed smiling while talking to Davis, whom he’d previously met, and then-Raiders executive Marcel Reece. The Raiders were moving to Las Vegas, while Brady was coming off what would be his final season with the New England Patriots. With Brady set to become an unrestricted free agent that March, rumors were swirling that he could potentially sign with the Raiders to replace then-starting quarterback Derek Carr.

The Raiders considered pursuing Brady, but then-coach Jon Gruden, who had personnel power, ultimately decided against it and stuck with Carr. Brady went on to sign with the Tampa Bay Buccaneers, but the Raiders’ flirtation was the start of a deeper relationship with Davis, who took over as head of the franchise following the death of his father, Al, in 2011.

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In May 2022, Brady attended a Las Vegas Aces game. He caught up with Davis, who purchased the WNBA franchise in 2021, and expressed his admiration for what they were building. On the court, the team was thriving and en route to its first WNBA championship. From a fan base perspective, the Aces were regularly selling out games and drawing some of the best attendance numbers in the league.

“I think (Brady) was just really impressed with how far women’s basketball has come,” Davis told The Athletic last year. “And he was also impressed by the excitement and the enthusiasm of the crowd in Las Vegas.”

Shortly after the game, Brady’s representatives reached out to Davis and asked whether he would be willing to sell a minority stake in the Aces. In March 2023, the Aces announced that Brady had reached an agreement with Davis to become a minority owner. The purchase was approved by the WNBA’s other owners in October. The percentage of Brady’s stake and the amount he paid for it remain undisclosed.

“He knew that I was in it, and I think he just felt he wanted to be a part of it,” Davis said. “His people contacted me and we talked about it, and he became a partner.”

In May 2023, Davis told ESPN he had come to an agreement with Brady for the former quarterback to purchase a minority ownership stake in the Raiders.

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“We’re excited for Tom to join the Raiders,” Davis told ESPN, “and it’s exciting because he will be just the third player in the history of the National Football League (after George Halas Sr. and Jerry Richardson) to become an owner.”


Mark Davis and Tom Brady attend UFC 246 in Las Vegas on Jan. 18, 2020. (Jeff Bottari / Zuffa LLC via Getty Images)

Why is Brady trying to purchase a share of the Raiders — and not the Patriots, Buccaneers or his hometown San Francisco 49ers?

It all starts with the existing business relationship between Brady and Davis. You can’t buy a stake in a team without an owner being willing to sell a portion of his or her stake and it’s unclear if that would’ve been possible with the Patriots, Buccaneers or 49ers. The Patriots, for one, are 100 percent owned by Robert Kraft and he told Fox Business in February 2023, “I’m never selling it. We’ve set it up so it hopefully stays in the family for many decades to come.”

It’s also possible Brady viewed the Raiders as a more attractive investment. Among the four aforementioned teams, only the Patriots — valued at $7.9 billion — are worth more than the Raiders, per CNBC’s estimation. Their report has the 49ers at $7.4 billion and the Bucs at $6.05 billion.

The report also suggests that the Raiders are generating more revenue than those three other teams. According to CNBC, the Raiders generated $780 million in revenue in the past year, which trails only the Dallas Cowboys ($1.22 billion) and Los Angeles Rams ($825 million). That, plus Davis being willing to sell, is likely part of the reason this came together.

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Does this mean Brady would have any sort of control of the Raiders?

No. To be considered a majority owner by the NFL, someone who buys into the franchise must acquire at least a 30 percent stake. At that point, they could have voting rights and team control. Because Brady and Wagner are purchasing only 10 percent of the Raiders, they won’t have control. That’s another reason why they won’t pay 10 percent of the valuation of the Raiders.

“If somebody buys what’s called a limited partnership share, they pay a much lower valuation because they don’t have any control,” a former NFL executive told The Athletic last month. “They’re basically just passive investors. It’d be like if you were selling the garage of your house. You wouldn’t sell it on a per-square-foot basis. Somebody would pay a lot less because they don’t own the house.”

How many other minority owners do the Raiders have?

Davis and his mother, Carol Davis, are listed as co-owners of the Raiders and own 47 percent of the franchise. That number would drop if Brady and Wagner’s bid is approved, but the Davis family would remain the principal owners. As of 2022, the NFL dropped the minimum percentage of a team that a longstanding owner must control from 5 percent to 1 percent for teams with the same owner for at least 10 years.

When the late Al Davis became principal owner in 1972, he founded a company called A.D. Football Inc. alongside eight partners. The original eight partners have passed, but their heirs became limited partners.

The Raiders 2024 media guide lists six other “interest holders” in the franchise: A. Boscacci, Jill Boscacci Lovingfoss, First Football, Winkenbach Family, Fox Football and Sargent Family.

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Could Brady still return to play in the NFL as a part-owner?

No. NFL rules state that employees can’t own equity in a team unless they are family members of the team’s owner.

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What is the Raiders’ succession plan after Mark Davis? Could Brady eventually become the primary owner?

It’s unknown. Mark Davis, 69, has no siblings and is single with no children. Carol Davis is in her 90s. If they still have stakes in the franchise when they die, their ownership stakes could either be passed on to someone else in the family or sold.

Brady could attempt to purchase their stakes in the latter scenario. He could also attempt to purchase their stakes while they’re living — or those of the other limited partners. Not only would he need to cross the 30 percent threshold, but he’d also need to own more shares than Carol and Mark Davis to become the “controlling” owner. If Carol and Mark Davis ever decided to sell, there would likely be suitors beyond Brady.

“It’ll be a real ‘Game of Thrones’ when that happens,” a former NFL executive told The Athletic. “When something’s worth $1,000, there’s not a fight. When something’s worth $10 billion, it gets pretty ugly.”

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(Top illustration: Meech Robinson / The Athletic; photos: Cooper Neill and Ethan Miller / Getty Images and Matthew Pearce / Icon Sportswire via Getty Images)

Culture

Poetry Challenge: Memorize “The More Loving One” by W.H. Auden

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Poetry Challenge: Memorize “The More Loving One” by W.H. Auden

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Let’s memorize a poem! Not because it’s good for us or because we think we should, but because it’s fun, a mental challenge with a solid aesthetic reward. You can amuse yourself, impress your friends and maybe discover that your way of thinking about the world — or even, as you’ll see, the universe — has shifted a bit.

Over the next five days, we’ll look closely at a great poem by one of our favorite poets, and we’ll have games, readings and lots of encouragement to help you learn it by heart. Some of you know how this works: Last year more Times readers than we could count memorized a jaunty 18-line recap of an all-night ferry ride. (If you missed that adventure, it’s not too late to embark. The ticket is still valid.)

This time, we’re training our telescopes on W.H. Auden’s “The More Loving One” — a clever, compact meditation on love, disappointment and the night sky.

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Here’s the first of its four stanzas, read for us by Matthew McConaughey:

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The More Loving One by W.H. Auden 

Looking up at the stars, I know quite well 

That, for all they care, I can go to hell, 

But on earth indifference is the least 

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We have to dread from man or beast. 

Matthew McConaughey, actor and poet

In four short lines we get a brisk, cynical tour of the universe: hell and the heavens, people and animals, coldness and cruelty. Commonplace observations — that the stars are distant; that life can be dangerous — are wound into a charming, provocative insight. The tone is conversational, mixing decorum and mild profanity in a manner that makes it a pleasure to keep reading.

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Here’s Tracy K. Smith, a former U.S. poet laureate, with the second stanza:

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How should we like it were stars to burn 

With a passion for us we could not return? 

If equal affection cannot be, 

Let the more loving one be me. 

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Tracy K. Smith, poet

These lines abruptly shift the focus from astronomy to love, from the universal to the personal. Imagine how it would feel if the stars had massive, unrequited crushes on us! The speaker, couching his skepticism in a coy, hypothetical question, seems certain that we wouldn’t like this at all.

This certainty leads him to a remarkable confession, a moment of startling vulnerability. The poem’s title, “The More Loving One,” is restated with sweet, disarming frankness. Our friend is wearing his heart on his well-tailored sleeve.

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The poem could end right there: two stanzas, point and counterpoint, about how we appreciate the stars in spite of their indifference because we would rather love than be loved.

But the third stanza takes it all back. Here’s Alison Bechdel reading it:

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Admirer as I think I am 

Of stars that do not give a damn, 

I cannot, now I see them, say 

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I missed one terribly all day. 

Alison Bechdel, graphic novelist

The speaker downgrades his foolish devotion to qualified admiration. No sooner has he established himself as “the more loving one” than he gives us — and perhaps himself — reason to doubt his ardor. He likes the stars fine, he guesses, but not so much as to think about them when they aren’t around.

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The fourth and final stanza, read by Yiyun Li, takes this disenchantment even further:

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Were all stars to disappear or die, 

I should learn to look at an empty sky 

And feel its total dark sublime, 

Though this might take me a little time. 

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Yiyun Li, author

Wounded defiance gives way to a more rueful, resigned state of mind. If the universe were to snuff out its lights entirely, the speaker reckons he would find beauty in the void. A starless sky would make him just as happy.

Though perhaps, like so many spurned lovers before and after, he protests a little too much. Every fan of popular music knows that a song about how you don’t care that your baby left you is usually saying the opposite.

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The last line puts a brave face on heartbreak.

So there you have it. In just 16 lines, this poem manages to be somber and funny, transparent and elusive. But there’s more to it than that. There is, for one thing, a voice — a thinking, feeling person behind those lines.

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W.H. Auden in 1962. Sam Falk/The New York Times

When he wrote “The More Loving One,” in the 1950s, Wystan Hugh Auden was among the most beloved writers in the English-speaking world. Before this week is over there will be more to say about Auden, but like most poets he would have preferred that we give our primary attention to the poem.

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Its structure is straightforward and ingenious. Each of the four stanzas is virtually a poem unto itself — a complete thought expressed in one or two sentences tied up in a neat pair of couplets. Every quatrain is a concise, witty observation: what literary scholars call an epigram.

This makes the work of memorization seem less daunting. We can take “The More Loving One” one epigram at a time, marvelling at how the four add up to something stranger, deeper and more complex than might first appear.

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So let’s go back to the beginning and try to memorize that insouciant, knowing first stanza. Below you’ll find a game we made to get you started. Give it a shot, and come back tomorrow for more!

Your first task: Learn the first four lines!

Play a game to learn it by heart. Need more practice? Listen to Ada Limón, Matthew McConaughey, W.H. Auden and others recite our poem.

Question 1/6

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Let’s start with the first couplet. Fill in the rhyming words.

Looking up at the stars, I know quite well 

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That, for all they care, I can go to hell, 

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Tap a word above to fill in the highlighted blank.

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Ready for another round? Try your hand at the 2025 Poetry Challenge.

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Edited by Gregory Cowles, Alicia DeSantis and Nick Donofrio. Additional editing by Emily Eakin,
Joumana Khatib, Emma Lumeij and Miguel Salazar. Design and development by Umi Syam. Additional
game design by Eden Weingart. Video editing by Meg Felling. Photo editing by Erica Ackerberg.
Illustration art direction by Tala Safie.

Illustrations by Daniel Barreto.

Text and audio recording of “The More Loving One,” by W.H. Auden, copyright © by the Estate of
W.H. Auden. Reprinted by permission of Curtis Brown, Ltd. Photograph accompanying Auden recording
from Imagno/Getty Images.

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Famous Authors’ Less Famous Books

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Famous Authors’ Less Famous Books

Literature

‘Romola’ (1863) by George Eliot

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Karl Leitz for Anthony Cotsifas Studio

Who knew that there’s a major George Eliot novel that neither I nor any of my friends had ever heard of?

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“Romola” was Eliot’s fourth novel, published between “The Mill on the Floss” (1860) and “Middlemarch” (1870-71). If my friends and I didn’t get this particular memo, and “Romola” is familiar to every Eliot fan but us, please skip the following.

“Romola” isn’t some fluky misfire better left unmentioned in light of Eliot’s greater work. It’s her only historical novel, set in Florence during the Italian Renaissance. It embraces big subjects like power, religion, art and social upheaval, but it’s not dry or overly intellectual. Its central character is a gifted, freethinking young woman named Romola, who enters a marriage so disastrous as to make Anna Karenina’s look relatively good.

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It probably matters that many of Eliot’s other books have been adapted into movies or TV series, with actors like Hugh Dancy, Ben Kingsley, Emily Watson and Rufus Sewell. The BBC may be doing even more than we thought to keep classic literature alive. (In 1924, “Romola” was made into a silent movie starring Lillian Gish. It doesn’t seem to have made much difference.)

Anthony Trollope, among others, loved “Romola.” He did, however, warn Eliot against aiming over her readers’ heads, which may help explain its obscurity.

All I can say, really, is that it’s a mystery why some great books stay with us and others don’t.

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‘Quiet Dell’ (2013) by Jayne Anne Phillips

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Karl Leitz for Anthony Cotsifas Studio

This was an Oprah Book of the Week, which probably disqualifies it from B-side status, but it’s not nearly as well known as Phillips’s debut story collection, “Black Tickets” (1979), or her most recent novel, “Night Watch” (2023), which won her a long-overdue Pulitzer Prize.

Phillips has no parallel in her use of potent, stylized language to shine a light into the darkest of corners. In “Quiet Dell,” her only true-crime novel, she’s at the height of her powers, which are particularly apparent when she aims her language laser at horrific events that actually occurred. Her gift for transforming skeevy little lives into what I can only call “Blade Runner” mythology is consistently stunning.

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Consider this passage from the opening chapter of “Quiet Dell”:

“Up high the bells are ringing for everyone alive. There are silver and gold and glass bells you can see through, and sleigh bells a hundred years old. My grandmother said there was a whisper for each one dead that year, and a feather drifting for each one waiting to be born.”

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The book is full of language like that — and of complex, often chillingly perverse characters. It’s a dark, underrecognized beauty.

‘Solaris’ (1961) by Stanislaw Lem

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Karl Leitz for Anthony Cotsifas Studio

You could argue that, in America, at least, the Polish writer Stanislaw Lem didn’t produce any A-side novels. You could just as easily argue that that makes all his novels both A-side and B-side.

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It’s science fiction. All right?

I love science and speculative fiction, but I know a lot of literary types who take pride in their utter lack of interest in it. I always urge those people to read “Solaris,” which might change their opinions about a vast number of popular books they dismiss as trivial. As far as I know, no one has yet taken me up on that.

“Solaris” involves the crew of a space station continuing the study of an aquatic planet that has long defied analysis by the astrophysicists of Earth. Part of what sets the book apart from a lot of other science-fiction novels is Lem’s respect for enigma. He doesn’t offer contrived explanations in an attempt to seduce readers into suspending disbelief. The crew members start to experience … manifestations? … drawn from their lives and memories. If the planet has any intentions, however, they remain mysterious. All anyone can tell is that their desires and their fears, some of which are summoned from their subconsciousness, are being received and reflected back to them so vividly that it becomes difficult to tell the real from the projected. “Solaris” has the peculiar distinction of having been made into not one but two bad movies. Read the book instead.

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‘Fox 8’ (2013) by George Saunders

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Karl Leitz for Anthony Cotsifas Studio

If one of the most significant living American writers had become hypervisible with his 2017 novel, “Lincoln in the Bardo,” we’d go back and read his earlier work, wouldn’t we? Yes, and we may very well have already done so with the story collections “Tenth of December” (2013) and “Pastoralia” (2000). But what if we hadn’t yet read Saunders’s 2013 novella, “Fox 8,” about an unusually intelligent fox who, by listening to a family from outside their windows at night, has learned to understand, and write, in fox-English?: “One day, walking neer one of your Yuman houses, smelling all the interest with snout, I herd, from inside, the most amazing sound. Turns out, what that sound is, was: the Yuman voice, making werds. They sounded grate! They sounded like prety music! I listened to those music werds until the sun went down.”

Once Saunders became more visible to more of us, we’d want to read a book that ventures into the consciousness of a different species (novels tend to be about human beings), that maps the differences and the overlaps in human and animal consciousness, explores the effects of language on consciousness and is great fun.

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We’d all have read it by now — right?

‘Between the Acts’ (1941) by Virginia Woolf

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Karl Leitz for Anthony Cotsifas Studio

You could argue that Woolf didn’t have any B-sides, and yet it’s hard to deny that more people have read “Mrs. Dalloway” (1925) and “To the Lighthouse” (1927) than have read “The Voyage Out” (1915) or “Monday or Tuesday” (1921). Those, along with “Orlando” (1928) and “The Waves” (1931), are Woolf’s most prominent novels.

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Four momentous novels is a considerable number for any writer, even a great one. That said, “Between the Acts,” her last novel, really should be considered the fifth of her significant books. The phrase “embarrassment of riches” comes to mind.

Five great novels by the same author is a lot for any reader to take on. Our reading time is finite. We won’t live long enough to read all the important books, no matter how old we get to be. I don’t expect many readers to be as devoted to Woolf as are the cohort of us who consider her to have been some sort of dark saint of literature and will snatch up any relic we can find. Fanatics like me will have read “Between the Acts” as well as “The Voyage Out,” “Monday or Tuesday” and “Flush” (1933), the story of Elizabeth Barrett Browning’s cocker spaniel. Speaking for myself, I don’t blame anyone who hasn’t gotten to those.

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I merely want to add “Between the Acts” to the A-side, lest anyone who’s either new to Woolf or a tourist in Woolf-landia fail to rank it along with the other four contenders.

As briefly as possible: It focuses on an annual village pageant that attempts to convey all of English history in a single evening. The pageant itself interweaves subtly, brilliantly, with the lives of the villagers playing the parts.

It’s one of Woolf’s most lusciously lyrical novels. And it’s a crash course, of sorts, in her genius for conjuring worlds in which the molehill matters as much as the mountain, never mind their differences in size.

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It’s also the most accessible of her greatest books. It could work for some as an entry point, in more or less the way William Faulkner’s “As I Lay Dying” (1930) can be the starter book before you go on to “The Sound and the Fury” (1929) or “Absalom, Absalom!” (1936).

As noted, there’s too much for us to read. We do the best we can.

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6 Poems You Should Know by Heart

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6 Poems You Should Know by Heart

Literature

‘Prayer’ (1985) by Galway Kinnell

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Whatever happens. Whatever
what is is is what
I want. Only that. But that.

Galway Kinnell in 1970. Photo by LaVerne Harrell Clark, © 1970 Arizona Board of Regents. Courtesy of the University of Arizona Poetry Center

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“I typically say Kinnell’s words at the start of my day, as I’m pedaling a traffic-laden path to my office,” says Major Jackson, 57, the author of six books of poetry, including “Razzle Dazzle” (2023). “The poem encourages a calm acceptance of the day’s events but also wants us to embrace the misapprehension and oblivion of life, to avoid probing too deeply for answers to inscrutable questions. I admire what Kinnell does with only 14 words; the repetition of ‘what,’ ‘that’ and ‘is’ would seem to limit the poem’s sentiment but, paradoxically, the poem opens widely to contain all manner of human experience. The three ‘is’es in the middle line give it a symmetry that makes its message feel part of a natural order, and even more convincing. Thanks to the skillful punctuation, pauses and staccato rhythm, a tonal quality of interior reflection emerges. Much like a haiku, it continues after its last words, lingering like the last note played on a piano that slowly fades.”

“Just as I was entering young adulthood, probably slow to claim romantic feelings, a girlfriend copied out a poem by Pablo Neruda and slipped it into an envelope with red lipstick kisses all over it. In turn, I recited this poem. It took me the remainder of that winter to memorize its lines,” says Jackson. “The poem captures the pitch of longing that defines love at its most intense. The speaker in Shakespeare’s most famous sonnet believes the poem creates the beloved, ‘So long as men can breathe or eyes can see, / So long lives this, and this gives life to thee.’ (Sonnet 18). In Rilke’s expressive declarations of yearning, the beloved remains elusive. Wherever the speaker looks or travels, she marks his world by her absence. I find this deeply moving.”

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Lucille Clifton in 1995. Afro American Newspapers/Gado/Getty Images

“Clifton faced many obstacles, including cancer, a kidney transplant and the loss of her husband and two of her children. Through it all, she crafted a long career as a pre-eminent American poet,” says Jackson. “Her poem ‘won’t you celebrate with me’ is a war cry, an invitation to share in her victories against life’s persistent challenges. The poem is meaningful to all who have had to stare down death in a hospital or had to bereave the passing of close relations. But, even for those who have yet to mourn life’s vicissitudes, the poem is instructive in cultivating resilience and a persevering attitude. I keep coming back to the image of the speaker’s hands and the spirit of steadying oneself in the face of unspeakable storms. She asks in a perfectly attuned gorgeously metrical line, ‘what did i see to be except myself?’”

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‘Sonnet 94’ (1609) by William Shakespeare

They that have power to hurt and will do none,
That do not do the thing they most do show,
Who, moving others, are themselves as stone,
Unmovèd, cold, and to temptation slow,
They rightly do inherit heaven’s graces
And husband nature’s riches from expense;
They are the lords and owners of their faces,
Others but stewards of their excellence.
The summer’s flower is to the summer sweet,
Though to itself it only live and die;
But if that flower with base infection meet,
The basest weed outbraves his dignity.
For sweetest things turn sourest by their deeds;
Lilies that fester smell far worse than weeds.

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“It’s one of the moments of Western consciousness,” says Frederick Seidel, 90, the author of more than a dozen collections of poetry, including “So What” (2024). “Shakespeare knows and says what he knows.”

“It trombones magnificent, unbearable sorrow,” says Seidel.

“It’s smartass and bitter and bright,” says Seidel.

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These interviews have been edited and condensed.

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