OpenBet confirms management buyout from Endeavor
This news comes following the recent additional sale of IMG Arena by Endeavor last week, with Sportradar eventually buying its assets.
Key points:
– OpenBet has confirmed the completion of its official sale by Endeavor
– Following this management buyout transaction, the company is now owned and operated by OB Global Holdings
– Jordan Levin is set to remain OpenBet CEO
Endeavor Group has confirmed the completion of its OpenBet management buyout transaction to OB Global Holdings LLC as part of a deal worth $450m, following prior confirmation that the group would be letting go of OpenBet as part of its private ownership transition under Silver Lake.
In the wake of initial reports that confirmed Endeavor’s intention to sell both OpenBet and IMG Arena in November 2024, the group has now officially confirmed OB Global Holdings’ acquisition of its sports betting subsidiary. Jordan Levin, OpenBet CEO, will remain in his role throughout the transitional period and continue to lead the business following its changeover in ownership.
Commenting on this latest company update, Levin said: “As this new chapter begins, OpenBet is better positioned than ever to drive market expansion and product innovation while defining the future of betting and gaming entertainment. Our group is extremely excited about OpenBet’s path forward, and we are confident in our business’ long-term growth profile considering our premium product offering, exceptional talent, and existing momentum in the marketplace.”
Interestingly, this latest update comes soon after the announcement of Endeavor’s official sale of IMG Arena, which saw the firm’s assets bought by Sportradar last week, in a deal which sees Endeavor pay a total of $125m to its buyer alongside $100m of cash prepayments made to sports rightsholders. Currently, this deal remains subject to regulatory approval and is expected to close in Q4 of 2025.
Good to know: Silver Lake’s acquisition of Endeavor Group at a price of $27.50 per share was announced on 5 March 2025 and is scheduled to close today
Additional recent company news saw OpenBet make its official entry into the Brazilian market in October via partnership with BandBet.
Further, as part of this recent sale announcement, the sports betting supplier has also confirmed plans to try and enhance its position within the Brazilian landscape, via additional partnerships with operators in the nation.
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