On Location, the official hospitality partner of the NFL American football league, has become a wholly-owned subsidiary of sports and entertainment company Endeavor Group Holdings.
Endeavor announced today (Thursday) that it had struck agreements to become the sole owner of On Location and Endeavor China.
As a result of the transaction, the NFL’s strategic investment platform, 32 Equity, which had previously been an equity holder in Endeavor’s On Location business, has converted that equity into a stake in Endeavor.
Endeavor said the transaction enables the company to streamline management and create operational efficiencies across On Location and fully integrate the firm within its network.
Endeavor acquired a majority, controlling interest in On Location back in January 2020. Since then, On Location has agreed a deal with the International Olympic Committee to become its first-ever official global hospitality provider for the Paris 2024, Milan 2026 and Los Angeles 2028 Olympics.
It was reported in January that the NFL had upped its stake in On Location. The Athletic reported that owners had voted to increase the NFL’s stake from 13.5% to 45% by 2024.
The NFL’s stake in On Location will now be converted into equity in Endeavor. As a result, the NFL owns 1.5% of Endeavor, and SportBusiness.com reported that the league’s equity conversion carries an aggregate value of $223.7m (£180.1m/€213.2m).
February’s Super Bowl at SoFi Stadium marked On Location’s single biggest hospitality event by revenue. Outside of the NFL, On Location is also an official partner to more than 150 rights holders, including the PGA of America, NCAA, UFC and WWE.
On Location was originally a part of the NFL and from 2015 it was privately held by RedBird Capital Partners, Bruin Sports Capital, the Carlyle Group and 32 Equity. Under the ownership structure established following Endeavor’s takeover in 2020, 32 Equity remained a major shareholder.
Image: Grant Thomas on Unsplash
