Wasserman Agency Sale Proceeds Amid Epstein Controversy, Olympic Role Under Scrutiny
Casey Wasserman, founder of the prominent sports and entertainment agency Wasserman, is moving forward with a sale of the company, retaining the investment bank Moelis & Co. To navigate the process. The decision comes in the wake of public disclosure of emails linking Wasserman to Ghislaine Maxwell, a close associate of convicted sex offender Jeffrey Epstein and has intensified calls for his resignation from his position as chair of the 2028 Los Angeles Olympic Games organizing committee (LA28).
Wasserman, established in 2002, has grown into a major player in the industry, representing a vast roster of athletes and talent. The agency currently manages an estimated $9.52 billion in playing contracts, representing 4,360 athletes, and generating an estimated $956 million in maximum commissions, ranking it second among the most valuable sports agencies according to Forbes. Casey Wasserman personally holds a 40% stake in the agency, with Providence Equity Partners controlling the remaining 60%.
The sale process was initiated after emails from 2003 surfaced, revealing a flirtatious exchange between Wasserman and Maxwell. While Wasserman has not been accused of any wrongdoing, the revelations prompted a wave of criticism and led to the departure of several artists from the agency, including Grammy-winning singer Chappell Roan. Wasserman acknowledged in a memo to staff that he had become a distraction and announced his intention to step down as CEO and divest his ownership stake.
Moelis & Co. Brings significant experience in agency transactions to the table. The firm recently advised on Excel Sports Management’s sale to Goldman Sachs, General Catalyst’s acquisition of Athletes First, and EQT Private Equity’s minority stake investment in United Talent Agency (UTA). They also facilitated the sale of Brillstein Entertainment Partners to Wasserman three years ago. Currently, Moelis is also advising Netflix on its potential takeover of Warner Bros. Discovery and handling the sale of the San Jose Earthquakes of Major League Soccer.
Potential suitors for Wasserman are expected to include rival agencies such as Creative Artists Agency (CAA), UTA, and WME. Private equity firms, including Bruin Capital and Arctos (recently acquired by KKR), are also considered possible bidders. The agency’s valuation is estimated to exceed $2 billion.
The situation has created a complex challenge for the LA28 organizing committee. Los Angeles Mayor Karen Bass publicly stated her belief that Wasserman “should step down” from his role leading the 2028 Olympics, despite a recent review by the LA28 board and an outside legal firm concluding that Wasserman’s relationship with Epstein and Maxwell did not extend beyond previously documented interactions. The committee affirmed its support for Wasserman to continue leading the organization.
The International Olympic Committee (IOC) has largely remained silent on the matter, deflecting questions about Wasserman’s involvement. IOC spokesperson Mark Adams stated earlier this week, “I understand there are many conversations happening at this moment but I will not make any further comment. This is obviously a matter for the board of LA28 still at this stage.”
While Wasserman prepares to relinquish control of his agency, his future with LA28 remains uncertain. The pressure from Mayor Bass and the continued scrutiny surrounding his past associations with Maxwell present a significant hurdle as the city prepares to host the 2028 Summer Olympic Games. Mike Watts will assume day-to-day control of Wasserman during the sale process, allowing Wasserman to focus on his role with LA28, at least for the time being.
