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Haworth says WME-IMG will help PBR reach the next level

The Professional Bull Riders’ coming three-month summer break will offer little downtime for PBR Chairman and CEO Jim Haworth.

Spire Capital Partners in April agreed to sell its majority stake in the organization to WME-IMG in a deal reportedly valued at more than $100 million. The deal is expected to close at the end of this month. Haworth doesn’t anticipate any substantial changes to the operation of his outfit; only increased exposure through WME-IMG’s massive global reach.

“We’re seeing that very quickly,” he said, “and it makes me very excited for us.”

Haworth spoke recently about the deal and the benefits he sees coming from WME-IMG.

Jim Haworth said that WME-IMG will increase the PBR’s exposure domestically and across the globe.
Photo by: GETTY IMAGES
How did the deal come together?

HAWORTH: We hired Evercore Partners as our banking representative. They really took the role of negotiation, but we were all in close contact as we went through that — myself and the folks at Spire. Evercore really led the charge; [managing director] Lyle Ayes was really the guy that did that. Lyle was our lead person and would stay in close contact with us.

What kind of changes do you anticipate with WME-IMG’s acquisition?

HAWORTH: The great thing about this is that they like us; that’s why they’re doing the acquisition. They’re liking what we’re doing; we have a good team in place. Our home headquarters are in Pueblo [Colo.] and we plan to stay there. They took the interest because of our team and the job they’ve done in the last three to four years, to really get this business set up to where we have a great foundation. As far as changes, we’re going to work our butts off to continue taking this sport to new levels. That’s going to continue; we’re always looking for ways to make that happen. They’re excited about the business and the sport that goes with it.

What other benefits does the changeover offer PBR?

HAWORTH: If you look at the purchase that Spire did in 2007, it really kind of brought the PBR to a new level of credibility. What’s been interesting to me since WME-IMG agreed to buy is to see how many new potential sponsors [and] the media exposure that we’ve started to get. (Haworth declined to identify any of the companies that have expressed sponsorship interest.) The credibility they have is unmatched. I think what WME-IMG will do is, if they put a shoulder behind us — it’s that next step up of what they can help us do, the exposure they can give this great sport.

What will the acquisition do for PBR globally?

HAWORTH: Right now we’re in a good spot: We’ll do about 25 events in Australia and about the same in Canada this year. We’ll do about 30 events in Brazil. … But when you look at WME-IMG, they have over 200 offices around the world, so when you think about the ability to help us grow internationally, I think right now we’re just scratching the surface. We’ll continue to look for additional areas. International growth will be one of our key pillars for the future.

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