What happened: A group led by Vinod Khosla, a limited partner of the San Francisco 49ers, has agreed to purchase the Seattle franchise for $9.612 billion, an AP source confirmed. The agreement was first reported by the Orlando Sentinel and corroborated by ESPN's Adam Schefter.

Why it matters: The figure sets a new high-water mark for an NFL franchise sale, and comes with Seattle as the reigning Super Bowl champion. It is nearly 50 times what Paul Allen paid for the franchise in 1997, and Khosla must give up his 49ers stake to complete the purchase.

What to watch: The sale still requires the customary approval process before Khosla's group can take control of the franchise.