NFL owners have agreed to buy some of the stock of Intel Corporation and Nvidia Corporation for $2 billion.
The transaction is expected to close in the third quarter, with the company paying the $2.5 billion cash payment to the NHL and the NHLPA, the league announced Tuesday.
Nvidia CEO Jen-Hsun Huang and Intel Chief Executive Brian Krzanich, who led the purchase, will receive a $1.6 billion payment from the NHL.
The deal is the latest in a series of transactions by the NHL, the NHL Players Association and the NBA that have added a splash to the league’s coffers.
It also is the first time an NFL owner has made a major acquisition of a technology company, which has led to speculation that some teams might look to get in on the action with a similar deal.
The league will keep a minority stake in the companies, while the league will continue to own its majority stake.
It will also continue to control the team’s finances and, in the case of Intel, its technology.
The NBA’s ownership group also has a minority interest in the stock, and it will continue control of the teams operating brands.NHL commissioner Gary Bettman said in a statement Tuesday that he’s “deeply appreciative of Intel and our ownership group for the tremendous support they have provided to the sport over the past three decades.”
We will continue investing in our fans and in our players to ensure that they continue to be the leaders of the game in the years ahead,” Bettman added.