Ari Emanuel and Mark Shapiro are officially stepping into NFL ownership, with both TKO Group Holdings executives set to acquire minority stakes in the Las Vegas Raiders as part of a major investment deal involving several high profile business figures.

According to reports from Variety and Sports Business Journal, Emanuel will take a 1.4% stake in the Raiders, while Shapiro is set to own 0.6% once the transaction is finalized later this month. The broader investment group, led by Silver Lake CEO Egon Durban, is purchasing 25% of the franchise in a deal that reportedly values the Raiders at $9.9 billion.

The group also includes Dell Technologies founder Michael Dell and Blackstone executive Joseph Baratta. Durban is increasing his existing ownership share in the team to 22%, while real estate developer Michael Meldman’s stake will rise to 12.9%. Baratta is expected to hold 1.7%, with Mark Davis remaining the controlling owner of the franchise.

The move creates another notable link between TKO leadership and the NFL organization that calls Allegiant Stadium home. The Las Vegas venue hosted both WrestleMania 41 in 2025 and WrestleMania 42 in 2026, further strengthening WWE’s ties to the Raiders organization and the city itself.

Shapiro already has extensive NFL connections outside of this investment. During his time at ESPN, he helped secure the rights to Monday Night Football in 2005 and later launched the NFL Honors awards show. He also played a key role in Endeavor’s acquisition of On Location, the NFL’s official hospitality partner. Beyond football, Shapiro is also a minority owner of MLS club Los Angeles FC.

The Raiders investment marks the first direct NFL franchise ownership involvement for both Emanuel and Shapiro. Emanuel currently serves as CEO of TKO and executive chairman of WME Group, while Shapiro operates as president and COO of TKO alongside his role as president and managing partner of WME Group.

Reports noted the investments are being made personally by Emanuel and Shapiro rather than through TKO or WME corporate entities. A spokesperson confirmed the purchases are individual investments separate from the companies’ business operations.

The Raiders relocated from Oakland to Las Vegas in 2020 and have played at Allegiant Stadium since its opening. The franchise was originally founded in Oakland in 1960 as part of the AFL, with ownership passing to Mark Davis following the death of longtime owner Al Davis in 2011.