Endeavor CEO Supports Buyout of OpenBet and IMG Arena

Endeavor has agreed to sell its sports betting assets, OpenBet and IMG Arena, to OB Global Holdings LLC in a managed buyout backed by Endeavor CEO Ari Emanuel.

The company announced on Monday that OB Global Holdings will acquire the businesses for approximately C$627 million, subject to adjustments. The transaction will be financed with a combination of cash and debt.

Ari Emanuel and OpenBet executives, including CEO Jordan Levine, support the buyout.

Endeavor acquired OpenBet in September 2022 for US$800 million (approximately C$1.1 billion) from Light & Wonder. OpenBet grew its customer base by 40% year-over-year, thanks to a successful first half of 2024.

This deal is an important step towards completing the deal to acquire Endeavor by private equity firm Silver Lake for $18 billion Canadian dollars.