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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

Frank Stack, Painter Who Secretly Drew ‘The Adventures of Jesus,’ Dies at 88

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Frank Stack, Painter Who Secretly Drew ‘The Adventures of Jesus,’ Dies at 88

Frank Stack, an art professor and painter who secretly moonlighted as Foolbert Sturgeon, the satirical cartoonist who created “The Adventures of Jesus,” a chronicle of Christ’s encounters with sanctimonious hypocrites that is widely considered the first underground comic, died on April 12 in Columbia, Mo. He was 88.

The death, at a hospital, was confirmed by his daughter, Joan Stack.

Mr. Stack taught studio art at the University of Missouri and was well regarded for his intricate drawings, etchings and watercolor paintings, which he often composed alone, sitting cross-legged on a quiet riverbank.

As Foolbert Sturgeon — a persona he concealed for two decades to protect his day job — he lampooned religion, academia and the military, among other sacred tendrils of the 1960s and ’70s, signing his acerbic broadsides with his vaudevillian nom de plume.

“His comics were funny, well drawn and smart,” his friend the cartoonist R. Crumb said in an interview. “And he was a very, very fine watercolor artist and oil painter. He was the real thing.”

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Mr. Stack was especially adept at nudes, once drawing Mr. Crumb’s wife, the feminist underground cartoonist Aline Kominsky-Crumb, in a state of total undress.

“He did a very fine job,” Mr. Crumb said. “He really knew anatomy.”

Mr. Stack did not become as famous (or notorious) as Mr. Crumb, a subversive and misanthropic character in San Francisco’s counterculture scene, whose heavily crosshatched, grotesquely sexual drawings came to define underground comics during the 1960s.

In contrast to Mr. Crumb, whose roguish demeanor was immortalized in the 1994 documentary “Crumb,” Mr. Stack worked secretively in the Midwest, his only notable behavioral quirk an ability to deliver astonishingly long monologues on seemingly any subject that occurred to him.

“Frank is an incredible story,” James Danky, a historian and co-author of “Underground Classics: The Transformation of Comics Into Comix” (2009), said in an interview, adding: “He’s not who you think he is. He’s more than that.”

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Mr. Stack got his start in creative flippancy as a writer and then the editor of Texas Ranger, the humor magazine at the University of Texas at Austin, whose staffers, known as Rangeroos, have included the gossip columnist Liz Smith, the screenwriter Robert Benton and the comic book artist and publisher Gilbert Shelton.

After graduating in 1959 with a degree in fine arts, he worked briefly at The Houston Chronicle, one desk over from Dan Rather, and joined the Army Reserve. In 1961, he enrolled at the University of Wyoming for a master’s degree in art, but was called into active duty the same year following the Berlin Wall crisis.

Attached to a data processing unit on Governors Island in New York, he rented an apartment on West 94th Street and spent his evenings attending gallery openings, plays and art house movies with Mr. Benton and Mr. Shelton, who were also living in New York. He had no use for the Army.

“My entire company was constantly grumbling, grousing, growling, snarling, moaning and whining with discontent,” Mr. Stack wrote in “The New Adventures of Jesus: The Second Coming” (2006). “CBS actually sent a film crew to the island, but they were only allowed to speak with delegated individuals who, naturally, were hardly discontented at all.”

One day, Army officers distributed patriotic pamphlets titled “Why Me?”

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“The gist was something about drawing a line in the sand to save the free world from communism. It didn’t go down well at all,” Mr. Stack wrote, adding that most, “if not all, of us thought it was ridiculous and insulting.”

He responded by drawing a cartoon on the back of a computer card depicting Christian martyrs being handed a pamphlet titled “Why Me?” as they entered an arena of hungry lions. He posted it on a bulletin board. A half-hour later, it had disappeared.

Undeterred, Mr. Stack continued drawing Jesus in a series of absurd situations — being arrested, registering to vote, attending faculty parties.

In one scene, a military police officer asks Jesus to produce his identification. “I don’t have one!” Jesus says. “I don’t have anything!” In another scene, Jesus walks on water by becoming a duck.

In 1962, the Austin gang in New York went their separate ways. Mr. Stack returned to Wyoming to finish his graduate studies in art. Mr. Shelton moved back to Austin for graduate school and to edit Texas Ranger.

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Mr. Shelton loved the Jesus comics and had made copies for himself. He printed a few in a newsletter that he published locally. In 1964, with help from a friend who had access to a Xerox machine at the University of Texas law school, he made an eight-page book titled “The Adventures of Jesus.”

Scholars consider it to be the first underground comic. The cover credit went to “F.S.” because Frank Stack was now teaching at the University of Missouri, where demeaning Jesus, especially in comic-book form, probably wouldn’t have looked great on a curriculum vitae.

“I’ve always loved to see my stuff in print, but I was on the horns of a dilemma,” he wrote. “Did I dare to publish the cartoons under my own name when my job was at risk if the university ever noticed that I worked in the most disgraceful of all media — the awful COMIC BOOK?”

Instead, he created the ridiculous-sounding pen name Foolbert Sturgeon, which reminded him vaguely of Gilbert Shelton. Rising through the ranks of academia, he continued publishing Jesus strips.

“I kind of liked the anonymity of it — there wasn’t anything respectable about it, so you didn’t have to be careful about what you said,” he told The Comics Journal in 1996. “And of course, as a university professor, and as a painter, and as an ‘authority’ — as a role model — you do have to be careful about what you say.”

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Frank Huntington Stack was born on Oct. 31, 1937, in Houston. His father, Maurice Stack, was an oil field supply salesman, and his mother, Norma Rose (Huntington) Stack, was a teacher.

Growing up, he drew constantly — on scraps of paper, the backs of envelopes, anything he could get his hands on. He loved newspaper comic strips, especially “Tarzan,” “Prince Valiant,” “Alley Oop” and “Krazy Kat.”

During high school, he visited an aunt who lived in Austin and worked at the University of Texas. There, he came across copies of Texas Ranger and decided to apply to the school, majoring in journalism before switching to fine arts. After he joined the humor magazine, one of the first artists he published was his classmate Mr. Shelton.

“He had something unusual at the time — an appreciation for things that made people laugh,” Mr. Shelton said in an interview.

Mr. Stack’s other books as Foolbert Sturgeon include “Dorman’s Doggie” (1979), about his dog, Pingy-Poo, and “Amazon Comics” (1972), an indecent retelling of Greek myths. He dropped the pen name in the late 1980s when he began collaborating with the underground comics writer Harvey Pekar on his “American Splendor” series.

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In 1994, Mr. Stack illustrated “Our Cancer Year,” an autobiographical graphic novel by Mr. Pekar and his wife, Joyce Brabner, recounting Mr. Pekar’s battle with lymphoma.

The “narrative is by turns amusing, frightening, moving and quietly entertaining,” Publisher’s Weekly said in its review. “Stack’s brisk and elegantly gestural black-and-white drawings wonderfully delineate this captivating story of love, community, recuperation and international friendship.”

Mr. Stack married Mildred Powell in 1959. She died in 1998.

In addition to their daughter, he is survived by their son, Robert; six grandchildren; and his brother, Stephen.

Writing in “The New Adventures of Jesus,” Mr. Stack reflected on spending so many years as Foolbert Sturgeon.

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“If I’d stuck by my guns maybe I’d be out of a job, disinherited, back in New York (not Texas, for sure) and dead by now,” he wrote. “But I ain’t apologizing. Who would I apologize to? God and Jesus? Why would they care?”

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Judith Barnard, of Best-Selling ‘Judith Michael’ Fame, Dies at 94

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Judith Barnard, of Best-Selling ‘Judith Michael’ Fame, Dies at 94

Judith Barnard, a freelance writer who stumbled on a second career as a best-selling author at 50, when she teamed with her husband, Michael Fain, a onetime aerospace engineer, to publish a potboiler novel under the pen name Judith Michael, died on May 6 in Chicago. She was 94.

Her death, at a hospital near her home, was caused by heart failure, her daughter, Cynthia Barnard, said.

Combining their first names to create the pseudonym Judith Michael, the couple published 11 commercially successful novels over the years, starting with “Deceptions,” an out-of-nowhere hit, in 1982.

Equal parts romance and thriller, “Deceptions” concerned identical twin sisters — Sabrina, a globe-trotting socialite living in London, and Stephanie, a suburban Illinois housewife — whose fleeting experiment with swapping lives proved to be less fleeting than expected.

Entertaining, yes. A Kirkus review called it “a strenuously inventive, big-budget” romance.

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High literature? Not so much. The same review described the book as “glossily seamless nonsense” but noted its potential as fodder for a TV movie — an observation that proved prescient when NBC adapted it in 1985 as a two-part mini-series with Stefanie Powers, of “Hart to Hart” fame, playing the twins.

Then again, their plan had never been to give Thomas Pynchon a run for his money.

Ms. Barnard had already taken a stab at a literary career, publishing her first novel, “The Past and Present of Solomon Sorge,” in 1967. An introspective tale about a Midwestern university professor whose wife of 30 years abruptly abandons him, the book sold only a few thousand copies, leading Ms. Barnard to turn to freelance work on educational films and textbooks, as well as writing articles for Chicago magazines and newspapers.

Her literary horizons expanded after she married Mr. Fain, her second husband, in 1979. “We were looking for something we could do together,” she recalled in a 1991 interview with The Chicago Tribune. “Michael had written technical articles and liked the process but hadn’t found a field he was happy in.”

They began by writing articles about marriage and family for newspapers and magazines, including Good Housekeeping and Redbook. “We had such a good time working together that one day Michael said, ‘Enough of this! Why don’t we write a book?’” Ms. Barnard recalled in a 1999 interview with The Ledger of Lakeland, Fla.

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“Deceptions” concerned identical twin sisters whose fleeting experiment with swapping lives proved to be less fleeting than they expected.Credit…Simon & Schuster

With “Deceptions,” they discovered a winning formula that they employed with many of their following books — what they called universal fantasies, about ordinary, if strong-willed, people who, by a stroke of fate, escape a quotidian existence to taste a life of wealth and adventure, only to face unforeseen challenges along the way.

In “Possessions” (1984), for example, a Vancouver mother of two, whose shady businessman of a husband vanishes, begins a glamorous new life as a jewelry designer in San Francisco, only to fall in with the wealthy family that he had concealed from her.

Similarly, in “Pot of Gold” (1993), a Connecticut housewife must learn for herself whether more money really does mean more problems after she wins a $60 million lottery.

Like their characters, Ms. Barnard and Mr. Fain found their lives transformed by unexpected success. As novel after novel climbed the best-seller lists, they traveled the world to research their books and divided their time between a spacious 16th-floor apartment overlooking Lincoln Park in Chicago and a second home in Aspen, Colo.

The couple’s 1993 novel told the story of a Connecticut housewife who wins a $60 million lottery.Credit…Poseidon

Also like their characters, they learned that success can be complicated — in their case, because it required juggling the usual pressures of marriage with the inevitable Lennon-McCartney-style tug of war that comes with creative collaboration.

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As Ms. Barnard told The Ledger, “It’s very difficult to have a working relationship with this person who you think has done really dumb things that day and is going to be in your bed.”

Judith Goldman was born on Feb. 17, 1932, in Denver, the elder of two children of Samuel Goldman, who owned a shoe store, and Ruth (Eisenstat) Goldman.

After her parents divorced when she was a child, her mother married Harry Barnard, a prominent historian and biographer, and moved with her children to Chicago.

The family temporarily relocated to Ohio when she was in high school, and she graduated from Fremont Ross High School in 1949. She earned a bachelor’s degree in English from the Ohio State University in 1953. The same year, she married Jerre Papier, an electrical engineer. They divorced in 1970.

She met Mr. Fain by chance at a hospital, where both were visiting his ailing mother, a friend of Ms. Barnard’s. “Bittersweet times, as Michael’s mother was dying and we were falling in love,” she told The Ledger.

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Once the couple decided to bet on a publishing career, there was no turning back. “We burned all our bridges, both quit our jobs, lived on our savings for one year,” Ms. Barnard said in a 1997 interview with The Oklahoman newspaper of Oklahoma City.

The couple’s 1984 novel focused on a Vancouver mother of two who reinvents herself after her husband, a shady businessman with a hidden past, vanishes.Credit…Simon & Schuster

“We didn’t know how hard it would be,” she added. “We just thought it would be wonderful to work together. And it was, after a while.”

In addition to her daughter, Ms. Barnard is survived by Mr. Fain; her son, Andrew Sharpe; five grandchildren; and a brother, David Barnard.

It helped that the couple adhered to a strict division of labor. After what could be months of plotting and laying down a basic outline together, Ms. Barnard then did the writing, while Mr. Fain served as the editor.

“He’s a superb one,” she said in a 1988 interview with The Houston Chronicle. “And sometimes a harsh critic.”

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Each book might require five or six drafts, with endless fiddling. When the inevitable disagreements arose, Mr. Fain, an amateur photographer, would disappear into his darkroom to cool off, he told The Ledger, while Ms. Barnard headed to the kitchen to “knead bread and take out her aggressions.”

Then again, their shared career also proved a marital blessing.

As Ms. Barnard once put it, “It probably kept us married because we always had a book to finish.”

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Closed-Door Romance Books That Will Make You Swoon

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Closed-Door Romance Books That Will Make You Swoon

As a lifelong fan of romantic comedies, my list of favorite “sweet” romances is extensive.

Not because I have a spice aversion — but because the rom-coms I love most, with that classic cinematic vibe, often come with fewer peppers on the spice scale.

Some people refer to these books as “closed door.” I prefer to think of them as “in the hall” romances (though that admittedly doesn’t roll off the tongue quite the same way). The reader is there for all the swoon, the burn and the banter — but when things head to the bedroom, the reader remains out in the hallway. With less focus on what happens inside the boudoir, all that juicy heightened tension and yearning really shine. Here are a few of my favorites.

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