Source: Seahawks sales drawing softer-than-expected interest

A potential buyer for the defending Super Bowl champion, though Seattle Seahawks As it appeared, the franchise did not generate the interest the NFL had hoped for when the estate of Paul G. Allen put the team up for sale in February, according to one owner, two team executives and another executive with direct knowledge of the sale’s status.

“It’s soft,” one team owner said of the market for the Seahawks.

“There’s not as much action as there was with it Denver And Washington” said another executive, referring to the last two franchise sales.

Sources who spoke to ESPN said the situation was fluid but there was doubt among NFL owners and executives that the Seahawks — which sports business insiders had speculated would spark a bidding war and come up to $11 billion — would accept the $10 billion mark. They said they believe the team will sell for a little over $9 billion, which would still be a record price for an NFL team.

A league spokesman declined to comment. A spokesperson for the Allen estate told ESPN that there was “no news to share regarding the sale process,” and a Seahawks spokesperson deferred to the estate’s statement.

Valuations for sports teams have exploded in recent years. In 2022, a team led by Walmart heir Rob Walton bought Broncos for $4.65 billion. In 2023, a team led by Josh Harris Paid $6.05 billion For commanders. Bus family last year Sale of majority ownership in Los Angeles Lakers At a $10 billion valuation, and last month, Xiaomi co-founder and vice chairman Lin Bin, bought A 1% stake Miami Dolphins At a record $12.5 billion valuation.

The slow process for Seattle, at least, is not only because the franchise is a winner with a strong fan base but also because the buyers have significant leverage. The Seahawks have been owned by Allen’s estate since the former owner and Microsoft co-founder died of complications from non-Hodgkin lymphoma in 2018. His sister, Jody Allen, controlled the group as executor of the trust, with orders from her brother to sell it eventually and donate the proceeds to charity.

Right now, the pool of potential buyers is small, sources told ESPN.

A candidate to buy the Commanders in 2023 is Canadian billionaire Steve Apostolopoulos, a potential buyer, sources said — though one owner added that based on the expected value of the team, it’s hard to say how “genuine” Apostolopoulos is as a candidate. (Apostolopoulos did not respond to a message seeking comment.) Sportico Thursday reportAnd two sources confirmed to ESPN that Aditya Mittal, a member of one of India’s richest families, is a limited partner Boston CelticsAnd Wyc Grousbeck, the Celtics’ former controlling owner, is preparing a bid, as is Vinod Khosla, a billionaire limited partner. San Francisco 49ers. Front Office Sports in April Report That tech billionaire Mark Zuckerberg and Apple CEO Tim Cook have expressed interest, though Bloomberg Report later Those two bids are not planned.

The reasons for the unexpectedly quiet bidding are varied, sources said, ranging from expected price limits. Few interested buyers are liquid enough to pay $9 billion for a team, or 30% of the cash a principal owner must make as a down payment, according to NFL rules. The Seahawks may need a new stadium in the coming years. While a new location can open up additional revenue in the long term, politics and costs can be a struggle in the short term.

Additionally, the NBA’s Board of Governors recently sanctioned the league Search for bids For an expansion team in Seattle. Some potential Seahawks buyers may be interested as a less expensive option, and the new owner will be hailed as a local hero who is reviving professional basketball in the city.

At the March league meetings in Phoenix, there was a brief update on Seattle in the general session (for owners and league and team executives) but a deeper, more meaty one in the privileged (owners-only) meeting. Three sources told ESPN that the relative lack of information stood out compared to when they would receive regular updates on the Commanders and Broncos for sale.

The NFL expects the sale process to continue through the 2026 season, but it has dragged on a bit. ESPN First reported in January The franchise will be put up for sale after the Super Bowl, but an owner told ESPN that Allen & Company, the bank handling the sale, is quietly negotiating with potential buyers in the fall.

The Seahawks were put up for sale 10 days after the NFL announced the team was officially up for sale New England Patriots To win the second championship in franchise history.