US private equity firm Providence Equity Partners is reportedly close to acquiring full ownership of international sports agency The.Team, formerly known as Wasserman.
According to Sportico, the deal would value the agency at approximately $3.4 billion. Providence already owns a 60% stake in The.Team, which it acquired in 2022. If completed, the transaction would give the private equity firm full control of the business.
Sale process follows Casey Wasserman controversy
The.Team was put up for sale earlier this year after founder Casey Wasserman’s name emerged in files related to Jeffrey Epstein. The sale process is being managed by global investment bank Moelis & Co.
Wasserman announced in February that he would sell the agency after it emerged that he had flown on Epstein’s private plane and exchanged emails with Ghislaine Maxwell.
Wasserman remains chair of the LA28 Olympic and Paralympic Games Organizing Committee.
No formal sale agreement has yet been signed, but Providence is reportedly expected to complete the deal in the coming months.
Agency employs around 4,000 people
The.Team attracted significant interest from major players in the sports and talent representation sector due to its high-profile client roster, with rival agencies including CAA, UTA and WME reportedly also interested in acquiring the business.
The agency has operated for more than 20 years and currently employs approximately 4,000 people. Through a series of acquisitions, it has grown into one of the largest talent and sports agencies in the United States.
The company has expanded its European presence through the acquisition of the soccer division of Danish talent representation firm People in Sport and Barcelona-based Umik Sport Management.
Other recent acquisitions include Momentum Hockey, digital creator agency Long Haul Management and Ireland-based athlete management firm Line Up Sports.
Providence’s sports investment portfolio
Providence has previously invested in a number of major sports businesses, including Soccer United Marketing, Ironman, Populous, Callaway, YES Network and Learfield. The firm has also entered into commercial partnerships with the NFL and Real Madrid.
If completed, the transaction would become the latest major acquisition in the sports and talent representation sector. CAA was acquired by Artemis, the investment firm of the French Pinault family, in 2023, while WME Group was taken private last year as part of a restructuring of Endeavor’s assets.