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

Providence Equity will buy out The Team (formerly Wasserman) founder Casey Wasserman’s remaining stake and assume full control of the agency. 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. Providence, which first invested back in 2022, already owns about 60% of the agency. “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.” The update 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. The CEO and founder of the sports and music agency shared his decision in a memo to staff, in which he 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. “I believe that I have become a distraction,” he wrote at the time. “That is why I have begun the process of selling the company, an effort that is already underway. During this time, Mike Watts will assume day-to-day control of the business while I devote my full attention to delivering Los Angeles an Olympic Games in 2028 that is worthy of this outstanding city.” 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.” In the wake of the controversy, Providence Equity shared that they supported the embattled sports and talent rep’s leadership transition. “We believe deeply in the strength of the Company and have full confidence in Mike [Watts] and the leadership team, as well as in the exceptional employees across the organization,” Providence said in a statement at the time. “We remain fully committed to investing in its growth, expanding its capabilities across sports, music, and entertainment, and supporting the extraordinary talent, brands, and properties the Company is proud to represent.”