It was not long ago that the Las Vegas Raiders were bottom dwellers. As per Forbes’ annual NFL team valuations list, the franchise had failed to climb higher than #20 among 32 teams since 1998. This also included an eight-year stretch, starting in 2008, when the team consistently ranked between 30th and 32nd in valuations. But something has changed: A mind-blowing 669% increase in worth between 2015 and now.

As per the ‘Most Profitable Sports Teams’ list by Forbes, the Raiders ranked 16th (in the world!) and 9th in the NFL in 2025 with an operating income of $179 million and a valuation of $7.7 billion. Expectedly, the explosive growth didn’t take long to get noticed. While Tom Brady’s involvement is as high-profile as it can get, the team is now also experiencing a massive ownership reshuffle from a group of high-profile investors, including TKO Group (yes, the same group that operates UFC and WWE) executives Ari Emanuel and Mark Shapiro.

At the recent NFL league meetings this week, CEO Emanuel and COO Shapiro were officially approved as minority owners of the Raiders with a 1.4% and 0.6% share, respectively.

Based on that value, Emanuel’s share is worth about $138.6 million per reports, while Mark Shapiro’s is worth about $59.4 million. These investments are personal and not connected to their official jobs at TKO. For Shapiro, however, it’s actually a hilarious plot twist.

About 22 years ago, when he was a young executive running things at ESPN, Shapiro decided to launch Playmakers, a fictional drama showcasing the “dark, scandalous” side of pro football. While fans loved it, the NFL absolutely hated it. The league put so much pressure on Disney’s big bosses that ESPN had to cancel the show after one season, just to keep the peace.

That said, the duo were also joined by Dell Technology founder Michael Dell, and Blackstone Head of Global Private Equity Strategies Joseph Baratta.

The four new owners entered the franchise by acquiring the exact stakes being sold by First Football. Led by Paul Leff, David Abrams, and Dan Goldring, this consortium is completely offloading its 25.3% minority share, which it held since 2007. Sources noted that merchant bank BDT & MSD advised First Football throughout the transaction.

The remaining portion of First Football’s stake was acquired by real estate developer Michael Meldman and existing limited partner Egon Durban, both of whom initially invested in the Las Vegas Raiders in 2024. Notably, Durban holds a right of first refusal to buy controlling interest in the franchise should majority owner Mark Davis ever decide to sell. With the additions, the ownership stakes will look something like this, as per Sports Business Journal:

• Mark Davis: 36%
• Egon Durban: 22% (+11%)
• Michael Meldman: 12.9% (+5.4%)
• Michael Dell: 5.3%
• Tom Brady: 5%
• Tom Wagner: 5%
• Joseph Baratta: 1.7%
• Ari Emanuel: 1.4%
• Mark Shapiro: 0.6%
• Richard Seymour: 0.5%

Emanuel and Shapiro’s partnership can certainly be beneficial for the Raiders, especially given how their past collaborations resulted in massive success. The duo worked on TKO Group Holdings together. The result? In just the first three months of the year, UFC and WWE together made about $1.597 billion in revenue, which is 26% higher than before. The UFC also signed a massive $7.7 billion broadcasting deal with Paramount starting in January, and is now valued at around $12 billion.

It’s worth noting that Mark Shapiro already had strong connections with the NFL before as well. In 2005, as a part of ESPN, he helped secure the rights for “Monday Night Football.” Later, he also created the NFL Honors award show.

In fact, Shapiro played a big role in helping Endeavor buy On Location, a company that provides premium hospitality experiences and works closely with the NFL.

The investments by Emanuel and Shapiro arrived alongside a major promotional push between the Raiders and TKO Group. Las Vegas’ Allegiant Stadium just wrapped up back-to-back years of hosting WWE’s premier event, WrestleMania. It also hosted TKO’s first boxing event, the Canelo Alvarez-Terence Crawford superfight in September last year.

Why TKO’s Ari Emanuel and Mark Shapiro showed trust in the Raiders?

The NFL often gives the Super Bowl to modern stadium cities, so having a new stadium increases the team’s future earning power. This is exactly what is happening with the Las Vegas Raiders. Their stadium, Allegiant Stadium, is also expected to host the Super Bowl in 2028, which makes the team even more valuable in the long run.

That even forced Tom Brady to buy stakes at the Raiders, as Mark Davis explained his decision back in 2024.

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

So, both Ari Emanuel and Mark Shapiro are not only thinking about football games, but they are also thinking about big-money events like Super Bowls, concerts, global shows, and year-round use of the stadium. Another major reason to trust in the Raiders’ growth is their No.1 overall pick quarterback and Heisman Trophy winner, Fernando Mendoza.

Brady handpicked him going into the Pro Day. And with the amount of eyeballs Mendoza’s presence brings to the franchise, he can be a real game-changer for the team both during and after games. NFL insiders like Adam Schefter are already predicting him to take the QB1 position after making a solid impression on the team during rookie camps.

Above everything, big names like Tom Brady, Michael Dell, Emanuel, Shapiro and private equity investors are putting money into the team because they trust Mark Davis’ long-term plan. The Raiders might have had a dilapidated 3–14 record last season, the financial optics certainly help.

In December last year, Billboard Magazine named Allegiant Stadium as the highest-grossing stadium in the country for the second time in a row, and the second highest in the world after Mexico City’s Estadio GNP Seguros.

Part of its success is attributed to sellout shows, international events and a massive crowd capacity of 65,000 (expandable to 71,835). As per the Las Vegas Raiders Impact Report 2025, 62% of visitors reportedly came to Sin City to attend an event at the stadium, resulting in an estimated $1.1 billion. This also accounts for $281 million in gross revenue between October 2024 and September 2025.

“This significant achievement underscores the Allegiant Stadium team’s commitment to delivering truly exceptional experiences,” Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority, said. “Allegiant Stadium’s robust calendar of diverse sporting events and internationally acclaimed programming continues to be a driving force in maintaining Las Vegas’ status as the Sports and Entertainment Capital of the World.”

“Earning this distinction for the second year in a row is an extraordinary honor. It reflects our commitment to excellence, innovation, and the people we serve,” Sandra Douglass Morgan, president of the Las Vegas Raiders, said. “Receiving this honor in consecutive years is a testament to the continued passion and dedication of our entire team.”

In simple words: Even if football results are not great right now, the business side still has a lot of potential.