Jeff Lurie Is Exploring a Sale of Stake in Philadelphia Eagles

(Bloomberg) -- Jeffrey Lurie is exploring a sale of a minority stake in the National Football League’s Philadelphia Eagles, according to a person with knowledge of the matter.

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Lurie is working with BDT & MSD Partners to solicit interest from potential suitors for a stake in the team, which may be valued at more than $7.5 billion in any transaction, said the person, who asked not to be identified discussing confidential information. The $7.5 billion figure represents a multiple of roughly 11 times revenue, and would represent a record price tag for an NFL team.

The size of the minority stake hasn’t been determined, and interested parties have been told there will be no path to a controlling stake, the person said. Talks are at an early stage, and it’s possible that no deal will be reached.

A representative for the Philadelphia Eagles didn’t immediately respond to a request for comment. A BDT & MSD spokesperson declined to comment.

The team won its first Super Bowl in 2018, beating the New England Patriots. Lurie, 72, has a net worth of $5.4 billion, according to the Bloomberg Billionaires Index. He’s controlled the franchise since May 1994, when he acquired the Eagles from Norman Braman for a reported $185 million, a record for a sports team at the time.

The possible deal comes as a portion of another NFL team in the Northeast is up for grabs. In April, the Buffalo Bills said its owner, Terry Pegula, hired Allen & Co. to explore the potential sale of a non-controlling, minority interest.

The efforts follow increased interest in teams from a slew of billionaires as well as private equity firms, which are awaiting a vote that would facilitate minority ownership, Bloomberg News has reported. That vote was delayed at a owner meeting last month.

A group led by Josh Harris acquired the Washington Commanders for a record $6 billion last year, and Stephen Ross has said he’s exploring selling a stake in the Miami Dolphins amid surging valuations.

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--With assistance from Randall Williams.

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