Providence will remain the majority shareholder after backing THE•TEAM’s purchase of founder Casey Wasserman’s remaining stake, ending months of uncertainty over the agency’s ownership and leadership.
Providence Equity Partners is making an additional investment in THE•TEAM to help fund the company’s acquisition of founder Casey Wasserman’s remaining ownership interest, a deal that keeps Providence as majority shareholder and brings an end to months of uncertainty over the agency’s future. Providence said it owned roughly 60% of the company as of April and will continue as the controlling investor after the transaction. The sports, music, and entertainment company, renamed THE•TEAM in March, is expected to close the deal in the second half of 2026, subject to customary conditions. Michael Watts, the company’s President since 2014, is set to become Chief Executive Officer when the transaction closes. Financial terms were not disclosed.