Permira has entered the race to acquire The Team, the sports talent agency formerly known as Wasserman, according to the New York Times. The private equity firm faces competition from United Talent Agency, former Endeavor chairman Patrick Whitesell, and a consortium backed by Alexis Ohanian. Bidders have until April 20 to submit expressions of interest, with the flexibility to acquire Providence Equity Partners' stake, founder Casey Wasserman's holding, or the entire business.

The agency generates approximately $200m in annual revenue and manages contracts worth an estimated $9.5bn across more than 4,000 clients in sports and entertainment. Despite recent reputational challenges that prompted the rebranding from Wasserman to The Team, the business was projected to generate up to $956m in commissions, making it an attractive asset for investors seeking exposure to rising athlete earnings and expanding commercial activity in global sports.

For private equity firms like Permira, acquiring The Team represents a broader trend of investing in sports infrastructure and services. Agencies provide access to recurring revenue streams linked to media rights, sponsorship, and athlete representation, making them compelling targets as the sports industry continues its rapid commercial expansion.