49ers minority owner Vinod Khosla issued an important stipulation after Seahawks’ purchase

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SAN FRANCISCO, CA - SEPTEMBER 13: Vinod Khosla of Kholsa Ventures (L) and TechCrunch Co-Editor Erick Shonfeld speak onstage at Day 2 of TechCrunch Disrupt SF 2011 held at the San Francisco Design Center Concourse on September 13, 2011 in San Francisco, California. (Photo by Araya Diaz/Getty Images for TechCrunch)

Vinod Khosla, the co-founder of Sun Microsystems back in the 1980s, and the Khosla family agreed to purchase the Seattle Seahawks on Saturday for a reported record-setting $9.623 billion.

Khosla is also the minority owner of the San Francisco 49ers. However, that’s no longer the case after Saturday. According to a memo the NFL issued, Khosla will be required to drop his 3.1% stake of the 49ers as part of the agreement:

Following a thorough sales process run by Allen & Co., the Estate of Paul Allen has reached agreement to sell the Seattle Seahawks to the Khosla family and several limited partners, subject to membership review and approval. Allen & Co. reported very robust interest in the Club throughout the process, with the Khosla group emerging as the Club’s preferred buyer among multiple qualified bidders. The Khosla family currently owns a limited partner interest in the San Francisco 49ers and would be required to divest that interest.

The Khosla family includes Neeru Khosla, who would serve as the controlling owner, Vinod Khosla, and their son Neal Khosla. Neeru Khosla is an educator and entrepreneur. Vinod Khosla is a tech investor who co-founded Sun Microsystems and currently runs Khosla Ventures, which he founded. Neal Khosla is the CEO of Curai, an Al healthcare company. Neal would be expected to have a significant leadership role in the ownership group.

Allen & Co. has kept us informed throughout the process, and the Commissioner and League staff have had discussions with the Khosla family and its representatives.

We have also commenced both review of key transaction documents and customary due diligence on the prospective ownership group. As this work progresses, we will report to the Finance Committee, which will review the transaction in advance of the membership’s consideration.

Please let us know if you have any questions.

Khosla will become even more popular after tweeting, “Also excited to see the money all go to a non-profit.”

It shouldn’t be a surprise that Khosla was forced to sell off any assets with the 49ers after this purchase, but there was plenty of confusion on Saturday about where he stands.

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