Field Gulls
The Seattle Seahawks’ three-decade run of ownership under the Allen family is winding down, and once the sale is approved by league owners the Super Bowl champions will be overseen by the Khosla family.
It was announced on Saturday that an agreement has been reached to sell the Seahawks for a reported record-setting $9.612 billion. Vinod Khosla, who co-founded Sun Microsystems back in the 1980s, is required to drop his 3.1% stake in the San Francisco 49ers as part of this arrangement. The NFL has already sent out a memo to all teams regarding the pending transaction.
Here’s the full text:
Following a thorough sales process run by Allen & Co., the Estate of Paul Allen has reached agreement to sell the Seattle Seahawks to the Khosla family and several limited partners, subject to membership review and approval. Allen & Co. reported very robust interest in the Club throughout the process, with the Khosla group emerging as the Club’s preferred buyer among multiple qualified bidders. The Khosla family currently owns a limited partner interest in the San Francisco 49ers and would be required to divest that interest.
The Khosla family includes Neeru Khosla, who would serve as the controlling owner, Vinod Khosla, and their son Neal Khosla. Neeru Khosla is an educator and entrepreneur. Vinod Khosla is a tech investor who co-founded Sun Microsystems and currently runs Khosla Ventures, which he founded. Neal Khosla is the CEO of Curai, an Al healthcare company. Neal would be expected to have a significant leadership role in the ownership group.
Allen & Co. has kept us informed throughout the process, and the Commissioner and League staff have had discussions with the Khosla family and its representatives.
We have also commenced both review of key transaction documents and customary due diligence on the prospective ownership group. As this work progresses, we will report to the Finance Committee, which will review the transaction in advance of the membership’s consideration.
Please let us know if you have any questions.
The memo provides us new information, which is that Vinod’s wife, Neeru Khosla, will be the controlling owner. Vinod has already made his initial tweet conveying his excitement. You won’t be hearing more from him (or, presumably, any of the Khosla family) until after the sale is final.
