- Moelis previously advised on Excel Sports Management’s sale to Goldman Sachs last year
- Wasserman selling agency after ties to Ghislaine Maxwell and Jeffrey Epstein emerged publicly
- LA Mayor calls on Wasserman to resign from role as head of LA28
Agency giant Wasserman is pushing ahead with plans for a sale by retaining investment bank Moelis & Co as advisers, according to Sporty.
Wasserman has become one of the largest sports marketing and talent management firms in the world since its creation in 2022. However founder Casey Wasserman, who owns 40 per cent of the agency, has put the business up for sale after emails to Ghislaine Maxwell were made public as part of the release of files related to the US government’s investigation into disgraced financier Jeffrey Epstein.
Private equity firm Providence Equity owns the remaining 60 per cent of shares.
New York-based Moelis is vastly experienced in handling agency transactions, having advised on Excel Sports Management’s sale to Goldman Sachs, General Catalyst’s purchase of Athletes First and EQT Private Equity’s minority stake acquisition in United Talent Agency (UTA). It also worked with Brillstein Entertainment Partners when it was sold to Wasserman three years ago.
Elsewhere, the bank is also representing Netflix on its proposed takeover of Warner Bros Discovery (WBD) and is advising on the sale of Major League Soccer’s (MLS) San Jose Earthquakes.
Wasserman is expected to attract many suitors, with The Hollywood Reporter (THR) suggesting rival agencies such as Creative Artists Agency (CAA), UTA and WME may submit bids. Private equity firms like Brown Capital and Bearswhich was recently bought by KKRare also listed as possible bidders.
According to Forbesthe agency had US$9.52 billion in estimated playing contracts under management as of last July, with 4,360 athletes signed up as clients. Its total of maximum commissions was estimated to be US$956 million, ranking it as the second most valuable sports agency.
While Wasserman will prepare to cut ties with his agency, his future as the head of the 2028 Los Angeles Olympics remains subject to intense scrutiny. Earlier this week, Los Angeles mayor Karen Bass told CNN that “my opinion is that he should step down”, despite the 51-year-old receiving support from the LA28 board to remain in his role.
Meanwhile, the International Olympic Committee (IOC), which has previously deflected questions about Wasserman’s involvement, was asked again for its stance on the embattled mogul.
“I understand there are many conversations happening at this moment but I will not make any further comment,” IOC spokesman Mark Adams said earlier this week. “This is obviously a matter for the board of LA28 still at this stage.”
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