Wasserman Agency Buyers Narrow as PE Conflicts Sideline Major Firms

The list of suitors for Casey Wasserman’s sports and entertainment agency has narrowed further, with TA Associates exiting the process and two former Endeavor executives still weighing whether to join a bid—potentially in partnership with private-equity backers.

The Team, formerly Wasserman Group, has been for sale since February, a process triggered by reputational fallout tied to the founder’s past interactions with Jeffrey Epstein and Ghislaine Maxwell after previously undisclosed email exchanges from 2003 between Wasserman and Maxwell surfaced publicly. Several high-profile clients, including singer Chappell Roan and retired soccer star Abby Wambach, subsequently ended their relationships with the firm.

Despite the backdrop, operations inside the agency have continued largely uninterrupted. The firm still represents thousands of athletes and entertainers, including NFL players Maxx Crosby and Geno Smith, NBA forward Klay Thompson, and WNBA star Paige Bueckers. Earlier this week, the firm acquired Provisions Golf, the longtime agency of golf influencers Grant Horvat and brothers Wesley and George Bryan.

Behind the scenes, the sale process—run by Moelis & Co.—has steadily tightened. What initially drew interest from more than 100 parties has narrowed to roughly half a dozen remaining suitors, according to sources familiar with the matter.

Conflict of Interest

When the process began, many private-equity firms quickly encountered a structural constraint: firms that own—or want to own—stakes in professional sports teams can face conflicts of interest when also owning agencies that represent players in those leagues. That dynamic effectively sidelined firms such as KKR, Apollo, and Silver Lake.

“That wipes out a lot of players,” one source says.

TA Associates, which had been among those vying for the agency, is no longer pursuing a bid, a source familiar with the matter tells FOS.

Patrick Whitesell and Jason Lublin of Win Sports Group, who have been believed to be in the running since early in the sale process, are being pursued by potential private-equity bidders about teaming up on a bid. There is ongoing dialogue between the duo and PE firms, but they have not made any decision on whether they want to continue to participate in the process, and if they do, with whom they would partner, sources tell FOS.

Whitesell and Lublin previously helped build Endeavor, the powerhouse sports company that does business in events, content production, technology, and athlete representation, and is also the leading shareholder of TKO Group Holdings, the parent company of UFC, WWE, and more. Whitesell left Endeavor last year and formed two independent companies: talent agency Win Sports Group and investment firm WTSL, which is backed by Silver Lake. Lublin left Endeavor not long after to join Whitesell in his new business.

Those still considered to be in play include PE firm Permira, United Talent Agency, which is backed by EQT, and Excel Sports Management, which in November was purchased by a unit of Goldman Sachs. Providence Equity Partners, which reportedly owns a roughly 60% stake in The Team, is keeping its options open and could choose to sell or roll over its equity depending on what agreement is ultimately reached, sources say. Representatives for Permira and Goldman Sachs declined to comment, while representatives for UTA and Providence did not immediately respond to requests for comment.

Bids for The Team have reached $3 billion or higher, and contrary to some media speculation, the company wants to do one deal; it has no interest in selling only parts of the company, sources tell FOS. 

Interested buyers still moving forward will soon receive additional access to financial information as the process advances, though timing for the next bidding phase remains unclear.

A representative for Moelis declined to comment. A representative for The Team did not immediately respond to a request for comment.