WME/IMG has acquired a majority interest in the PBR from Spire Capital Partners. Private equity firm Spire announced its intentions to sell the bull riding circuit in January, and WME/IMG was interested from the start, PBR CEO Jim Haworth said yesterday. 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. “From a business standpoint, we’re 22 years old, and the credibility this brings to us is phenomenal,” Haworth said. “It’s going to be great for our athletes and riders, sponsors, all of us.” PBR last year extended its media-rights agreement with CBS Sports and in January renewed its deal with top sponsor Ford and 10 other partners (Josh Carpenter, Staff Writer). Haworth noted PBR will keep its corporate HQs in Pueblo, Colo., saying, "There are no plans to change." In Colorado, Dennis Darrow noted the deal being reached on April 15 "drew a mention from Haworth." The PBR was "first formed 23 years ago on April 15 and announced the alliance with Spire Capital Partners eight years ago on April 15." The sale "is expected to close in May, subject to customary closing conditions, including antitrust regulatory approval" (PUEBLO CHIEFTAIN, 4/16).
