The race to buy the reigning Super Bowl champion Seattle Seahawks appears to have entered its decisive phase, with two potential ownership groups emerging as the leading contenders for what is expected to become the richest franchise sale in NFL history.

According to Front Office Sports, the bidding process has narrowed to two principal groups following the latest round of offers submitted to the Paul G. Allen Estate, with several prospective buyers now understood to be out of contention.

One consortium is fronted by Boston Celtics minority owner Aditya Mittal alongside former Celtics governor Wyc Grousbeck, while the other is led by Vinod Khosla, the billionaire founder of Khosla Ventures and a current minority investor in the San Francisco 49ers. Front Office Sports also reported that one of the two groups includes a former Seahawks player, although neither the individual’s identity nor the group they are aligned with has been disclosed.

Several previously linked investors now appear to have fallen away, with Canadian billionaire Steve Apostolopoulos having reportedly withdrawn from consideration, while Todd Boehly — whose sporting portfolio already includes Chelsea FC, the Los Angeles Dodgers and Los Angeles Lakers — is no longer believed to be in the running. The outlet also reported that at least one additional bidder submitted an offer but has subsequently been informed it is no longer under consideration.

The FOS report represents the clearest indication yet that the sale process, which formally began in February, is entering its final stages after months of speculation surrounding potential bidders. The Seahawks announced earlier this year that the franchise was being sold in accordance with the wishes of late owner Paul Allen, whose estate said all proceeds would be directed towards philanthropic causes. Investment bank Allen & Company and law firm Latham & Watkins are overseeing the process before any eventual purchaser is presented to NFL owners for approval.

With the Allen Estate choosing to remain publicly silent throughout much of the process, it has yet to offer any substantive update but, despite suggestions in recent months that interest in the franchise had been less intense than anticipated, NFL commissioner Roger Goodell dismissed the notion during May’s league meetings.

“The process is moving forward,” Goodell said. “Obviously, we’re not gonna be discussing that, either with the membership or anyone else, with respect to the process until it’s completed. Once that happens, it will be handed over to us and we will work through the process of our approval, whether that happens this summer or whenever that happens.”

The eventual sale price remains one of the biggest talking points. Industry estimates have generally ranged between $8-10bn, comfortably above the $6.05bn paid by Josh Harris’s ownership group for the Washington Commanders in 2023. More recent minority stake transactions have pointed towards even higher valuations, including the New York Giants’ $10bn and Miami Dolphins’ $12.5bn valuations during their respective partial ownership sales.

Sports attorney Irwin Kishner believes the final figure could surprise even seasoned observers.

“I think we’re going to see some startling numbers,” Kishner told Front Office Sports. “I wouldn’t be surprised if they hit something like $9.5bn.”

Should Khosla’s group prevail, NFL rules would require the sale of his existing minority interest in Seattle’s NFC West rival 49ers before assuming control of the Seahawks. Meanwhile, the Mittal-Grousbeck consortium would bring experience from NBA ownership after helping complete last year’s $6.1bn purchase of the Celtics, with Mittal reportedly contributing around $1bn to that transaction.

There also remains the possibility that the process is not quite over. Front Office Sports noted that, while the sale appears to have become a two-horse race, a late entrant cannot be completely ruled out, recalling Steve Ballmer’s last-minute winning bid for the NBA’s Los Angeles Clippers in 2014.

With training camp fast approaching and expectations growing that a deal could be completed before the start of the regular season, the Seahawks appear to be closing in on a new era off the field just months after reaching the summit on it.