Ari Emanuel, Mark Shapiro Are Acquiring Minority Stakes in NFL’s Las Vegas Raiders

Ari Emanuel and Mark Shapiro, top execs at WME and TKO Group, are buying small ownership stakes in the Las Vegas Raiders.

A spokesperson for Emanuel and Shapiro confirmed that the sports and entertainment executives will take individual, personal stakes in the Raiders. The deal, expected to close later this month, will see them become minority owners in the team.

Raiders owner Mark Davis will continue to be the controlling shareholder. In addition to Shapiro and Emanuel, others buying stake in the team are Dell Technology founder Michael Dell and Joseph Baratta, Blackstone’s global head of private equity.

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In addition, Egon Durban, CEO of private-equity firm Silver Lake (which controls both TKO and WME), and real-estate developer Michael Meldman are both increasing their share of the Raiders.

The Durban-led deals to invest in the Raiders values the team at around $9.9 billion, CNBC reported last week.

After the deals close, Emanuel will own 1.4% of the Raiders and Shapiro will hold 0.6% interest in the team, Sports Business Journal reported. Durban’s stake will increase to 22% and Meldman’s will go up to 12.9%; Baratta will own 1.7%.

This is Emanuel and Shapiro’s first move into NFL ownership. However, Shapiro has some longstanding ties to the league: In 2005, he acquired the rights to “Monday Night Football” while running programming and production at ESPN, and later created the NFL Honors. He also led Endeavor Group Holdings’ acquisition of premium experiential hospitality business On Location, which is the NFL’s exclusive hospitality provider, from Bruin and RedBird Capital Partners. Shapiro is also a minority owner of Major League Soccer’s Los Angeles Football Club.

Emanuel and Shapiro are longtime business partners. At TKO, which comprises UFC, WWE, PBR, On Location and IMG, Emanuel serves as CEO and Shapiro is president and COO.

After Endeavor went private in 2025 in a deal with Silver Lake, it changed its public-facing name to WME Group, reflecting the core representation business of entertainment agency WME. Emanuel is the executive chairman of WME Group and Shapiro is president and managing partner.