Endeavor CEO Ari Emanuel is leading a merger of his company’s sporting betting assets—IMG Arena and OpenBet—for$ 450 million.
The activities and entertainment industry’s largest player, which is currently going public, announced on Monday evening that it had reached a deal to offer the two assets to Emanuel-backed OB Global Holdings LLC. A number of OpenBet professionals, including CEO Jordan Levin, are participating as well.
Endeavor bought OpenBet in 2022 for$ 800 million ($ 750 million in cash and$ 50 million in stock ). The original$ 1.2 billion purchase agreement was 33 % less expensive, a discount that reflected challenges faced the sport’s betting industry at the time. In a separate brand and under the leadership of Levin, OpenBet and IMG Arena were combined earlier this year.

It’s questionable what Emanuel’s certain economic participation is with OB Global. An Endeavor representative did n’t respond to an email asking for comment right away. One of the five linked companies that Delaware recently included is OB Global Holdings, which is composed of OB Global Arena Holdings, OB Global Openbet Holdings 1, OB Global Openbet Holdings 2, and OB Global Management Holdings.
In response to an April statement that private equity firm Silver Lake, a sizable Mission investor, would be privatizing the business for$ 27.5 %, Endeavor has been consistently unloading assets. Last month, Endeavor sold On Place, IMG and PBR to conglomerate TKO Group Holdings in a$ 3.25 billion deal. Bloomberg reported last week that Emanuel was raising money to buy some of Endeavor’s live-entertainment companies, such as the Frieze Art Fair and some golf games, and perhaps other non-Endeavor property.
Emanuel had the option to earn a$ 25 million “asset sale bonus” if he successfully unloaded some of Endeavor’s portfolio before the company went public when the Silver Lake deal was announced in April. Next month, in the run-up to the above TKO mergers, Emanuel agreed to waive his right to that wealth. He wo n’t make millions selling Endeavor assets to organizations he supports or chairs. ( Endeavor president Mark Shapiro, who is president and COO of TKO, also waived his asset sale bonus ).
The price of the sports betting property is a “necessary action” ahead of its being taken personal, Endeavor said Monday. The$ 450 million deal is expected to close right away, with the exception of the Silver Lake purchase, which will be financed by a combination of money and debt. After the sale, Lee will continue to be in charge of the company.
Oakvale Capital and the Raine Group provided advice for Mission. The company ( NYSE: EDR) closed trading on Monday around$ 28.90 per share.
( This story has been updated with further information about the transaction. )