What happened: A group led by Vinod Khosla has agreed to purchase Seattle for $9.612 billion, a record sale price for an NFL franchise, an AP source confirms. Seattle enters the sale as the defending Super Bowl champion.

Why it matters: The confirmation follows days of reporting on the deal, including terms requiring Khosla to give up his 49ers stake to complete the purchase. At $9.612 billion, the price is nearly 50 times what Paul Allen paid for the franchise in 1997.

What to watch: NFL owners are scheduled to vote Aug. 26 to ratify the sale.