For almost three decades, the Seattle Seahawks have been defined as much by stability in the owner’s suite as success on the field, but that era is now drawing to a close.

The Estate of Paul G. Allen confirmed on Saturday that it has entered into a formal agreement to sell the reigning Super Bowl champions to an ownership group led by the Khosla family, with venture capitalist Vinod Khosla set to become the franchise’s new controlling owner once the transaction receives NFL approval.

While financial terms were omitted from the official announcement, multiple reports place the agreement at approximately $9.6bn, comfortably eclipsing the $6.05bn paid for the Washington Commanders in 2023 to become the largest sale of an NFL franchise in league history. It would also rank among the richest transactions involving any North American sports team.

The deal fulfils the wishes of Allen, who purchased the Seahawks in 1997, rescued the franchise from the threat of relocation and transformed it into one of the NFL’s model organisations before his death in 2018. His estate announced earlier this year, just days after winning Super Bowl LX, that the club would eventually be sold, with the proceeds benefiting philanthropic causes in accordance with Allen’s instructions. His sister, Jody, has overseen the team while carrying out the estate’s long-term responsibility to sell its major sporting assets.

The charitable outcome was one of the first points highlighted by Khosla himself.

“Excited to be part of this great franchise,” he noted on a brief Twitter post. “Also excited to see the money all go to a non-profit. No other comments till sale is final.”

The public message was followed by a more formal statement released through the Seahawks as the agreement became official.

“We are honoured to be entrusted as the next stewards of the Seattle Seahawks. We look forward to building on the winning legacy Paul Allen created and to earning the trust of the Seahawks organisation and fans everywhere.”

Rather than promising sweeping change, it is notable that Khosla framed the purchase around stewardship, acknowledging that he is inheriting one of the NFL’s most respected organisations and suggesting that he has little intention of making sweeping changes.

That message is likely to resonate with a fanbase that has spent months wondering what life after the Allen family might look like. As with any ownership change, questions will have been raised locally about the franchise’s long-term future in Seattle. Those concerns appear to have little substance. The Seahawks remain committed to Lumen Field under a lease running through 2032, with extension options beyond that, and there has been no indication that relocation has been considered during the sale process.

NFL owners should grant expected approval of the sale in the coming weeks, with the only uncertainty likely to surround Khosla’s existing minority investment in the San Francisco 49ers, one of Seattle’s fiercest NFC West rivals. NFL ownership rules will require that stake to be divested before the Seahawks sale can be completed, removing any potential conflict of interest before league owners vote on the transaction.