Spire Capital Partners is selling the Professional Bull Riders.
The New York-based private-equity firm bought a majority stake in the organization in 2007, taking the ownership interests of many of the retired founding riders.
Jim Haworth, chief executive of Pueblo-based PBR, said in a telephone interview that Spire has been a “fantastic partner.”
“Spire bought us in 2007. The day after that we were for sale,” he said, adding that it’s time for both parties to “take the next step.”
Haworth wouldn’t say how much of the company Spire owns or how much revenue PBR generates. PBR has hired Evercore Partners to find a buyer, Haworth said.
Officials at Spire didn’t return telephone messages seeking comment on the PBR, which according to its website was started in 1992 when 20 riders each invested $1,000, a few of them borrowing from family and friends, turning that investment into “millions.”
Besides Spire, PBR management and 44 cowboys have part ownership of the organization, according to the website, which doesn’t provide a breakdown.
Haworth said PBR is “definitely a sports property that’s heavy on media content.” He said PBR is seeking a “strategic buyer,” whether wealthy individual, family or private equity. There’s no timetable for completing an agreement, he said.
PBR’s next event is scheduled for Friday at Madison Square Garden in New York. In 2013, PBR signed an exclusive TV broadcast agreement with CBS and CBS Sports Network.
