Source: NFL approves the Eagles’ and Jeffrey Lurie’s sale of 8% of the team
The family trust of United Communications Group founder Ed Peskowitz will buy 4.75%, and Susan Kim, chairwoman of Amkor Technology, will purchase another 3.25% of the Birds.
The Eagles and majority owner Jeffrey Lurie received NFL approval for the sale of a small stake in the team Wednesday during the league’s meetings in Irving, Texas, according to a league source.
The sale values the franchise at up to $8.3 billion, a source said.
Combined, the new investors — the family trust of United Communications Group founder Ed Peskowitz, and Susan Kim, chairwoman of Amkor Technology, a publicly traded semiconductor company — will hold 8% of the Eagles, according to sources. Lurie, who still holds 85% of the Eagles, remains in control of the team he purchased from Norman Braman in 1994 for a reported $185 million.
Kim, a Bryn Mawr resident, is purchasing 3.25% of the team, according to Sports Business Journal, through a trust she created for her children. She is a philanthropist who sits on the board of directors of the Catholic Foundation of Greater Philadelphia.
Peskowitz, a former co-owner of the Atlanta Hawks, is acquiring 4.75% stake led by his children, Zachary Peskowitz and Olivia Suter.
NFL owners voted in August to allow private equity investors to buy ownership stakes, which caused Lurie and other league owners to explore their options. But Lurie, according to a league source, stressed the importance of finding the right partners and right fits while opting to divest to more traditional investors.
It’s unclear how Lurie or the Eagles plan to use the influx of cash. The money could go directly to Lurie, 73, to help diversify his investment portfolio. Lurie is not a traditional pro sports owner in that he did not rise to riches as a real estate mogul or technology pioneer. He’s also somewhat rare among owners in that his main interest and job is running the Eagles.
The Eagles have had minority owners since the early days of Lurie’s tenure, including Richard Green of Firstrust Bank and Mike Michelson of the investment firm KKR. Both of them reportedly sold parts of their shares in the latest sale.
Lurie was advised by financial adviser BDT & MSD Partners as part of the transaction.
The Eagles weren’t the only team selling shares in Texas. The league also approved the sale of a small stake in the Miami Dolphins, the team announced.