A joint venture between the NFL and MLB players is bidding adieu to its original private equity partner and welcoming three more.
RedBird Capital Partners is selling its 40% stake in OneTeam, a business that handles the intellectual property rights of the MLBPA and NFLPA.
- HPS Investment Partners, Atlantic Park Strategic Capital Fund, and Morgan Stanley Tactical Value are buying RedBird’s stake.
- The deal reportedly values OneTeam at around $1.9 billion.
- OneTeam was formed in 2019 by RedBird, the NFLPA, and MLBPA. Latham & Watkins advised the NFLPA on the original formation of the company and on the most recent sale.
RedBird exits with an estimated $600 million in profits – a return of more than 500%.
In addition to MLB and the NFL, OneTeam has expanded to represent the players’ associations of MLS, the WNBA, the NWSL, the U.S. Women’s National Team, U.S. Rugby, the League of Legends Championship Series, and college athletes.
In all, it represents over 10,000 players.
The MLBPA added more than 5,000 players to its rolls with the addition of MLB’s minor league players this week.
“We have generated hundreds of millions of dollars for athletes across football, baseball, basketball, soccer, rugby, and more,” said Malaika Underwood, OneTeam interim CEO.
OneTeam’s EBITDA is reportedly around $200 million.