NFL buys back Super Bowl tickets, hospitality: Sources – The Athletic

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When the NFL comes down to Los Angeles next month for Super Bowl LVI – and there’s almost no chance of a city change despite reports that the league was exploring the eventualities, as it does with all of its events – it does. will do so with a much larger share of the hotel activity surrounding the game.

Last month, owners voted to increase the NFL’s participation in On Location Events (OLE) from 13.5% to nearly 45%, sources said, a major move to restore the league’s influence over the events and affairs leading up to the big game.

Mega agency Endeavor, which owns brands ranging from UFC to WME-IMG, acquired On Location in January 2020 for $ 660 million. The sellers, including the private equity funds, all left as part of the deal except the NFL, which kept its seventeen percent capital slice.

This sale granted call options (financial instruments that give the holder the right to buy an asset – in this case, OLE) to 32 Equity, the investment arm of the NFL. According to Endeavor’s most recent quarterly report in November: “At any time on or before April 1, 2022, 32 Equity has the right to purchase… common units of OLE… which would give 32 Equity a percentage of global participation in OLE. 32% parent.

“Between April 1, 2022 and April 1, 2024, 32 Equity has an additional right to purchase this amount of additional OLE Parent common units from the Company, which would give 32 Equity an overall percentage interest in OLE Parent equal to 44.9%.

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