Photo Credit: The Team
The pool seems to have narrowed for contenders to buy the talent agency, but whether a sale actually takes place remains up in the air. Here’s the latest.
The Team, the Westwood-based talent agency formerly known as Wasserman, is fortifying its core sports category as it prepares for a potential sale. The company announced on Wednesday its acquisition of the agency Provisions Golf, which represents pro golfer Grant Horvat and influencers the Bryan Bros. Both enjoy large followings on YouTube, with 1.7 million and 853,000 respectively.
“This [deal] strengthens our representation business by expanding our position in digital golf and advances our ability to help talent build beyond traditional representation into larger opportunities across content, products, and live experiences,” said Michael Jones, EVP, Creators at The Team.
“Golf creators are redefining how a younger audience consumes the sport, and Provisions is the best at helping top talent drive that evolution forward,” added Jason Ranne, President of The Team’s Global Talent Representation. “Together, we will also utilize our industry-leading golf event management, representation, and brand advisory business to maximize crossover opportunities for our shared clients.”
The Team’s latest deal comes amid its own position on the sales block, following its rebranding from Wasserman back in March. Potential suitors have put in offers, including United Talent Agency (UTA) as well as WME mogul Patrick Whitesell’s upstart WIN Sports Group.
Reportedly, many potential bidders have already dropped out, with an “insane” $4 billion asking price in the window. But UTA (with backing from EQT) is still in the running, as is WIN, Excel Sports partnered with Goldman Sachs, and Providence Equity Partners, the current majority owner of The Team.
Three private equity firms are also still in the mix, though they will probably have a harder battle ahead of them to beat out the competition. The Goldman-Excel investment is “still the comp of choice,” according to sources close to the matter, which could also lead to UTA having to overpay if it wants to remain a contender.
Ultimately, it’s still anyone’s guess what will play out at this level. While The Team boasts an impressive portfolio of sports and music talent, we’ve seen time and time again that the talent can always pack up and head elsewhere if the winds change.
