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Who are the minority owners of the Baltimore Ravens?

The Baltimore Ravens are one of the most successful franchises in the NFL, having won 2 Super Bowls since the team began play in 1996. While Steve Bisciotti is the majority owner with over 80% stake in the team, there are also several minority owners that own smaller shares.

History of Ravens Ownership

The Ravens were originally the Cleveland Browns before Art Modell moved the team to Baltimore in 1996. Modell owned the majority stake in the team until 2004 when he sold a minority interest to Anne Arundel County businessman Steve Bisciotti. In 2018, Bisciotti completed the purchase of the Ravens from Modell’s estate and now owns over 80% of the team.

Under Bisciotti’s leadership, the Ravens have won 2 Super Bowls (XXXV and XLVII), appeared in 3 AFC Championship games, and made the playoffs 10 times. He has helped build one of the premier franchises in the NFL.

Current Minority Owners

While Steve Bisciotti is the majority owner, there are 5 minority owners of the Baltimore Ravens:

  • Tom Clancy – Author of espionage and military science books, owned a minority stake in the team until his death in 2013.
  • S.S. Decker – Founder and former CEO of the Decker Construction Company, owns less than 1% of the team.
  • Freeman A. Hrabowski III – President of University of Maryland, Baltimore County (UMBC), owns less than 1% of the team.
  • Tony Tager – Baltimore-area businessman and friend of Bisciotti, owns less than 1% of the team.
  • Wayne K. Goldstein – Attorney and Maryland Court of Appeals judge, owns less than 1% of the team.

In addition to these individual minority owners, M&T Bank owns naming rights to the Ravens’ home stadium through 2027. So while not an equity owner, they are a major corporate partner of the team.

Value of Minority Shares

The exact value of these minority stakes is not disclosed, but based on estimates of the Ravens’ total valuation, they could be worth tens of millions of dollars each. For example, if the team is worth $3 billion, a 1% stake would be valued at around $30 million.

Owning even a small slice of an NFL team is a significant investment. As the league grows in popularity and franchise values rise, these minority stakes will continue gaining value.

Involvement of Minority Owners

Unlike Bisciotti who is actively involved in team operations, the minority owners fill more of an investor role. They contribute some capital in exchange for a share of equity but are not engaged in day-to-day management or football decisions.

Minority owners may occasionally consult with Bisciotti on major team issues like hiring a new GM or head coach. However, Bisciotti has full authority over personnel matters. So while helpful as sounding boards, the minority owners are not directing franchise decisions.

Corporate Structure of Ownership

The corporate structure of Ravens ownership is organized under two entities:

  • Baltimore Football Company LLC – Formed in 1999 after Modell sold a minority stake to Bisciotti, this entity directly owns the Ravens franchise as well as any related assets and subsidiaries.
  • Maryland Stadium Company – State-chartered corporation that owns and operates M&T Bank Stadium where the Ravens play. The Ravens, Orioles, and state/local government all own equity shares in this entity.

The minority owners listed above likely have direct stakes in the Baltimore Football Company, not the stadium arm. Meanwhile, Bisciotti serves as Chairman and CEO of both entities given his controlling interest in the franchise.

Comparison to Other NFL Franchises

The Ravens ownership structure is fairly typical compared to other NFL teams. Nearly all clubs have one principal/majority owner that controls over 50% equity. There are then smaller minority investors as silent partners.

For example, the Denver Broncos’ ownership is 80% Rob Walton, 10% Greg Penner, and 10% Carrie Walton Penner. So similar to Bisciotti owning over 80% of the Ravens.

The Green Bay Packers are the only major exception with a unique nonprofit, shareholder structure and no single majority owner.

Final Ownership Breakdown

Here is a summary table of the Baltimore Ravens’ ownership:

Owner % Ownership Role
Steve Bisciotti Over 80% Majority Owner
Tom Clancy Unknown minority stake Minority Owner (deceased)
S.S. Decker Less than 1% Minority Owner
Freeman Hrabowski Less than 1% Minority Owner
Tony Tager Less than 1% Minority Owner
Wayne K. Goldstein Less than 1% Minority Owner


While Steve Bisciotti maintains majority control, the Baltimore Ravens have a number of minority investors that own small stakes in the franchise. These include local businessmen, university presidents, and even a famous author in Tom Clancy.

The minority shares likely represent millions in equity value today and even more in the future as the NFL continues to grow. However, Bisciotti has full decision-making authority over the team’s operations.

This type of ownership structure with one controlling owner and smaller passive investors is common among NFL franchises. It provides access to capital while concentrating management in a single visionary leader like Bisciotti.