The Seattle Seahawks are being sold in a formal agreement for $9.612 billion, according to a person familiar with the deal. 

The agreement to purchase the defending Super Bowl champions has been officially announced by the team but remains subject to approval by the NFL. NFL owners still have to ratify the final purchase agreement and are expected to meet in August to approve the deal, as reported by ESPN.

The Seahawks have a lease at Lumen Field that runs through 2032 with three 10-year options.

The last NFL team to be sold was the Washington Commanders in 2023. A group led by Josh Harris that includes Magic Johnson bought the team from longtime owner Dan Snyder and his family for a record $6.05 billion.

Allen’s estate announced on Feb. 18 it had begun the process of selling the team, which is coming off its second Super Bowl victory in franchise history. Investment bank Allen & Company LLC and law firm Latham & Watkins led the sales process, which was estimated in February to continue through the offseason.

The Khosia family will become the team’s controlling owner, according to a social media post by the Seahawks. The Khosla family will be required to relinquish its ownership stake in the San Francisco 49ers as part of the deal.

“We are honored to be entrusted as the next stewards of the Seattle Seahawks,” Vinod Khosia said in a statement. “We look forward to building on the winning legacy Paul Allen created and to earning the trust of the Seahawks organization and fans everywhere.”

The Seahawks beat the New England Patriots 29-13 in the Super Bowl in February.

The Associated Press contributed to this report.