July 11, 2026, 7:53 p.m. ET
The Baltimore Ravens are not for sale, but the NFL’s latest ownership agreement may have changed how every franchise is viewed, including Steve Bisciotti’s.
The estate of Paul Allen has reached an agreement to sell the Seattle Seahawks to the Khosla family and limited partners for $9.612 billion, subject to league review and approval. If finalized, the deal would become the most expensive sale of an NFL franchise, surpassing the $6.05 billion purchase of the Washington Commanders by a group led by Josh Harris in 2023. The sale price also would land well above several public valuation estimates, reinforcing the idea that full-control NFL transactions can command major premiums when rare franchises become available.
That matters in Baltimore because Sportico has valued the Ravens at $6 billion, ranking 24th among NFL franchises. That number already represents extraordinary growth from Bisciotti’s original purchase, but the Seahawks agreement suggests it may understate what the Ravens could command in a true open-market bidding process.
Bisciotti purchased the Ravens in two stages: first buying a 49% minority stake in 2000 for $275 million, then taking control in 2004 by purchasing the remaining 51% for $325 million. His total investment was valued at roughly $600 million. Forbes reported those figures in 2013, when Baltimore’s value had already surged following another Super Bowl championship.
The math is staggering. At $6 billion, the Ravens are worth about 10 times Bisciotti’s total purchase price. If the Seahawks’ record sale pushes comparable NFL franchises upward, Baltimore’s practical market value could move into the $7 billion range and perhaps higher if a full-control sale ever creates a competitive auction. Applying the Seahawks-style premium directly to Sportico’s Ravens estimate would push the number closer to $8.5 billion, though Baltimore’s market size and stadium economics would shape any final price.
Expert NFL picks: Exclusive betting insights only at USA TODAY.
Still, the Ravens have several factors working in their favor. They are a stable, well-run franchise with two Super Bowl titles, a respected organizational culture, a passionate regional fan base, and one of the NFL’s most marketable quarterbacks in Lamar Jackson. They also operate in a league where scarcity matters more than almost anything.
Bisciotti has never given any indication that he is eager to sell. That may be the most important point. The Seahawks deal does not mean the Ravens are entering the market. It means their place in the market is probably stronger than the public valuation suggests.