The family that owns the 49ers is selling off a minority stake in the team to raise money.
The New York Times and ESPN report that the York family, who owns the team, will sell 6.2% of the franchise. The 6.2% will be divided amongst three venture capitalists.
Vinod Khosla, a co-founder of Sun Microsystems and the founder of Khosla Ventures in Menlo Park. Khosla has made headlines for closing a road near his estate that provides public access to Martins Beach on the San Mateo County coastline. Currently, the Coastal Commission and State Lands Commission are suing in order to secure public access to the beach.
The other buyers are Byron Deeter, a partner at Bessemer Venture Partners in Redwood City, and William Griffith is a partner at Iconiq Capital in San Francisco.
The deal values the team at $8 billion, which would make it the most expensive team in the NFL despite its 6-11 record last season. The Niners finished last in the NFC West and missed the playoffs for the first time since 2020.
The NFL is expected to formally approve the transactions at the spring owners meeting in Minneapolis next week.