Earlier this week, the estate of Paul Allen announced that it has agreed to sell the Seattle Seahawks to an ownership group steered by the Khosla family.
The family is led by billionaire and Khosla Ventures founder Vinod Khosla, who will become the local NFL franchise’s controlling owner following the deal’s finalization.
Currently, Khosla is set to enter the purchase agreement at $9.612 billion, ESPN reported.
Allen, a co-founder of Microsoft, originally bought the team in 1997 for $194 million, though his estate announced that it was looking to sell the team in February.
Currently, the Khosla family holds an ownership stake in the San Francisco 49ers, which it would be required to relinquish if the deal follows through, according to NFL.com.
“We are honored to be entrusted as the next stewards of the Seattle Seahawks,” Vinod Khosla said in a statement. “We look forward to building on the winning legacy Paul Allen created and to earning the trust of the Seahawks organization and fans everywhere.”
The final purchase agreement will still need to be ratified by NFL owners, who are expected to meet in August to finalize the deal, according to ESPN.