Casey Wasserman’s The Team to Sell Full Ownership to Providence Equity

Providence Equity will assume full control of The Team (formerly Wasserman), with the firm set to buy out founder Casey Wasserman’s remaining ownership stake. The deal is slated to close in the second half of 2026, subject to customary closing conditions. Financial terms were not disclosed, though Puck previously reported an estimated valuation of $3.4 billion — slightly higher than the roughly $3 billion valuation floated when Wasserman first began exploring a sale back in February. Providence, which first invested in The Team back in 2022, already owns about 60% of the agency. As majority investor, it will continue to support organic growth and strategic M&A opportunities, providing the capital and partnership needed to help The Team expand across sports, music, and entertainment. The firm’s buyout of Wasserman’s remaining ownership interest comes five months after Wasserman informed his staff that he intended to sell his company after fallout from his connection to Jeffrey Epstein associate Ghislaine Maxwell, the convicted sex trafficker. It also follows multiple rounds of bids that were received from prospective buyers and investors. “We’re incredibly excited to further strengthen our partnership with THE•TEAM,” said Providence’s North America Co-Head and Senior Managing Director Davis Noell said in a statement. “The robust interest in the Company throughout this process only reinforced our belief in the business and enthusiasm for its next phase of growth. Our additional investment also reflects our conviction in the long-term growth in demand for in-person experiences across sports, music, and entertainment and the brands, talent, and partnerships that bring those moments to life.” In February, Wasserman apologized for his “past personal mistakes” and stated that he had become a distraction in the day to day running of the agency, where high profile clients such as Chappell Roan and soccer star Abby Wambach have departed. At the time, Providence Equity also shared that they supported the embattled sports and talent rep’s leadership transition. Michael Watts, who has served as President since 2014 and assumed day-to-day control of the company in February, will be elevated to The Team’s CEO following the deal’s closing. “The truest measure of anything you build is whether it can thrive beyond you — and that was always my goal when I founded what was then called the Wasserman Media Group 24 years ago,” Wasserman said in a statement on Tuesday. “What began as a small agency with big ambitions is today a global leader. The Team is powered by extraordinary people and trusted by the world’s greatest talent, brands, and properties. I leave with pride in what we created together, gratitude for those who made it possible, and confidence in what comes next. Sports, music, and entertainment are the languages the whole world speaks, and The Team’s future is bright.” Despite selling the Team, Wasserman has maintained his position as the chairman of LA28, despite repeated calls for his resignation. In February, LA28 Olympics organizers ruled that they would stand by Wasserman, sharing, “The Executive Committee of the Board has determined that based on these facts, as well as the strong leadership he has exhibited over the past 10 years, Mr. Wasserman should continue to lead LA28 and deliver a safe and successful Games.” J.P. Morgan served as exclusive financial advisor and Kirkland & Ellis LLP is served as legal counsel to Providence, while Moelis served as financial advisor to The Team. BDT & MSD Partners served as financial advisor to Casey Wasserman, while Sullivan & Cromwell LLP is served as legal counsel to Wasserman and The Team.