What happened: The $9.612 billion transaction sets an all-time price record for an NFL franchise. Neeru Khosla is slated to serve as the controlling owner upon formal closing.

Why it matters: The deal ends oversight by the Paul G. Allen Trust, fulfilling the estate's mandate to sell the team. League ownership rules will require the buyers to resolve their existing limited partnership stake in the NFC West rival San Francisco 49ers.

What to watch: NFL owners must convene and vote to ratify the agreement. League approval is required before the change in control becomes official.