August 3, 2015
ESPN's Chris Mortenson is reporting that the Oakland Raiders are in negotiations to sell off another percentage of the team.
The potential buyer is rumored to be a billionaire who has been trying to buy an NFL franchise for years. Sources say that his ultimate goal is to move the team back to Los Angeles.
The Raiders are reportedly worth about $700 million dollars. The rumored deal is for at least a 10 percent stake in the team.
The potential buyer also wants an option to buy the team within the next 3-5 years.
The Raiders are denying the reports.
The team did sell a 20 percent stake to a group of investors back in 2007. That deal did not include an option to purchase the team, leaving Al Davis as the majority owner.
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