Tom Brady — the star quarterback and seven-time Super Bowl champion — has been approved to acquire a 5% stake in the Las Vegas Raiders, a source close to Brady and an NFL source have confirmed to Business Insider.

On Tuesday, the National Football League voted to approve a deal that will see Brady, Knighthead Capital cofounder Tom Wagner, and former NFL defensive lineman Richard Seymour acquiring about a 10% stake in the team.

The price of the transaction has not been confirmed, but CNBC valued the team at $7.8 billion earlier this year. That would make a 10% stake worth $780 million.

Brady was first reported to be eyeing a stake in the franchise in May 2023, soon after he retired from the league. But his bid was held up because of the discounted price that he was offered, The Washington Post reported at the time.

The purchase will make Brady the owner of two Las Vegas teams. In March, he bought a minority share of the WNBA's Las Vegas Aces. Mark Davis owns both the Aces and the Raiders.

Brady has amassed a diversified portfolio. He has founded or cofounded a number of companies and invested in several others. He's also become a shareholder in companies through endorsement deals.

"Tom Brady was as attractive a person and a brand as existed in the American sportscape," Leigh Steinberg, a top sports agent and CEO of Steinberg Sports and Entertainment Holdings, told Business Insider in 2022. "He's been very innovative and taken advantage of a larger concept of athletes as brands and the ability to take equity in businesses."

He's a cofounder in Autograph, the former NFT platform that recently rebranded as a media company, and owns a piece of sports merchandise platform Fanatics. Both platforms were valued in the double-digit billions at their height. His investments include online luxury watch magazine and marketplace Hodinkee, and sneaker blog HypeBeast.

Brady earns millions each year from his $375 million, 10-year commentating deal with Fox Sports. His new ownership stake has raised questions about his broadcast career. An NFL spokesperson told the Associate Press that Brady will have to follow rules around public criticism of officials and other teams and that his access to production meetings, teams, facilities, and coaches may be limited.