In 1994, Eagles owner Jeffrey Lurie paid $185 million to acquire the franchise from Norman Braman. The team is now worth a lot more than what he paid after the NFL reached an agreement during a special league meeting in Irving, Texas, on Wednesday.
ESPN’s Adam Schefter reports that the league authorized the sale of two families an 8% stake in the Eagles, raising the team’s valuation to $8.3 billion. Lurie will continue to have total authority over the team as part of the agreement, Schefter added. For the agreement to be approved, at least 75% of the 32 owners would need to vote in favor.
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According to the Sports Business Journal, Susan Kim’s family trust will control 3.25% of the company, while Ed Peskowitz’s family trust, a former co-owner of the Atlanta Hawks, will possess 4.75%.
Bloomberg writers Randall Williams and Gillian Tan reported in October that Lurie was in talks with Susan Y. Kim’s family about a deal that would give the Kim family a minority share in the team. According to a June Bloomberg story, Lurie had engaged BDT & MSD Partners to find possible investors and was looking for a minority partner.
The majority of Amkor Technology Inc., a business that specializes in semiconductor packaging and testing services, is owned by the Kim family. The business then relocated its headquarters to Arizona from West Chester, Pennsylvania, which is roughly 45 minutes from Lincoln Financial Field. In addition to serving on the boards of other Philadelphia organizations, such as the National Constitution Center and the Philadelphia Orchestra, Susan Kim is currently the executive vice chair of the company’s board of directors. Peskowitz is a co-founder of the Washington, D.C.-based United Communications Group.
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