WME/IMG Acquires Majority Interest In PBR From Spire Capital Partners

PBR CEO Jim Haworth this afternoon said that WME/IMG has acquired a majority interest in the bull riding-circuit from Spire Capital Partners. Private equity firm Spire announced its intentions to sell in January, and WME/IMG was interested from the start, Haworth said. Financial terms of the deal were not available, but Bloomberg News reported it to be worth more than $100M. “The strategic element that WME/IMG brings to us is fantastic,” Haworth said. “We have a lot of live content, and we know what they can do to help us get more exposure.”

N.Y.-based Evercore Partners negotiated the sale for Spire, which had owned its stake in PBR since ’07. The deal is expected to close in May. “From a business standpoint we’re 22 years old and the credibility this brings to us is phenomenal,” Haworth said.