Tech billionaire Vinod Khosla and his family have reached an agreement to buy the Seattle Seahawks for $9.6 billion, according to people familiar with the details, as reported by Variety‘s sibling sports news outlet Sportico.

The deal marks one of the largest valuations ever for a sports team in a control transaction, nearing the $10 billion price tag in Mark Walter’s purchase of the NBA’s Los Angeles Lakers. The India-born Khosla, who is a prominent VC, is worth about $13.7 billion, according to Forbes. He is buying the defending Super Bowl champions from the estate of late owner Paul Allen.

Khosla’s group beat out a handful of other bidders, including a group led by billionaire Aditya Mittal, a member of one of India’s richest families, said the people, who were granted anonymity because the details are private. Sportico was first to report on Khosla’s interest back in May.

Khosla’s wife Neeru Khosla will serve as the team’s control owner, according to a memo that the NFL sent Saturday to its clubs. Neeru Khosla is the co-founder and chair of the CK12 Foundation, an education non-profit. Their son Neal Khosla, the CEO of Curai, will also have a leadership role in the team, according to the memo, a copy of which was viewed by Sportico.

It’s not immediately clear how the deal is being financed. Khosla didn’t immediately respond to an email seeking comment. The Allen estate said Saturday in a statement that the team had been sold to the Khosla family and included a quotation from Khosla himself. The statement did not provide any details about the deal structure or financing, but said the Khoslas would be the team’s new control owner.

The Seahawks are worth $6.59 billion, according to last year’s Sportico numbers, but the team was always expected to sell for quite a bit more than that. It’s relatively rare for NFL teams to sell—this is just the third to formally hit the market in the past decade—and the league’s structure virtually guarantees that each team turns a nine-figure profit annually.

The co-founder of Sun Microsystems, Khosla was one of a handful of local investors that bought into the San Francisco 49ers last year at a valuation higher than $8.5 billion. Sportico reported at the time that Khosla bought the biggest stake, though the specifics were not available.

It’s become common for new NFL owners to be existing LPs in other franchises, a process that gives them familiarity with the league—and vice versa. Billionaire David Tepper, who bought the Carolina Panthers in 2018, was a minority owner in the Pittsburgh Steelers. So was Josh Harris, who bought the Washington Commanders in 2023. Harris’ Commanders group included longtime business partner David Blitzer, who was also a Steelers LP. Khosla will need to sell his 49ers equity if the Seahawks deal closes.

Khosla came to the U.S. in his early 20s. He earned an MBA from Stanford, and co-founded Sun Microsystems in 1982, serving as the tech company’s first CEO. His VC career started at Kleiner Perkins, and he launched Khosla Ventures in 2004. His firm’s notable exits include Affirm, Opendoor and DoorDash, which all went public.

New NFL owners are heavily restricted in how their financing can come together. There is a $1.5 billion debt limit, and the control owner must hold a minimum of 30% of the equity. Institutional funds can own 10%, and the total group cannot exceed 24 minority owners.

The Seahawks are being sold by Allen’s estate, which assumed ownership after his 2018 death. Allen’s will called for his sports assets, which included the Seahawks and the NBA‘s Portland Trail Blazers, to be sold to benefit charitable causes. His sister Jody Allen, the executor of his will and trust, has run the teams in his absence. The Trail Blazers were recently sold for $4.1 billion to a group led by Tom Dundon.

To date, the most expensive NFL team ever purchased in a control sale is the Commanders ($6.05 billion), while the Los Angeles Lakers are the most expensive sports team acquired in a control sale ($10 billion). A minority stake in the parent company of the Miami Dolphins recently sold to a Chinese billionaire at a $12.5 billion valuation.

Mittal previously contributed about $1 billion to the 2025 takeover of the Boston Celtics, his first major move into U.S. sports. His Seahawks bid group included former Celtics control owner Wyc Grousbeck, Sportico previously reported.

Latham & Watkins was legal advisor to the Allen estate in the transaction.

(Pictured: Seattle Seahawks wide receiver Cooper Kupp on Feb. 8 at the 2026 Super Bowl held at Levi’s Stadium in Santa Clara, Calif.)