Report: UTA Exits Wasserman Bidding

One bidder has apparently left the arena in the race for THE•TEAM.

According to Puck’s Matt Belloni, UTA and its private-equity partner EQT have dropped out of the competition to acquire the sports-and-entertainment powerhouse formerly known as Wasserman. Per the report, UTA and EQT balked at the asking price, which reportedly includes the premium founder Casey Wasserman is seeking in exchange for signing noncompete and non-solicitation agreements with the company he's preparing to exit.

UTA's pursuit had already faced potential complications regarding Team Was' ownership of the Brillstein talent-management agency and the possibility of a culture clash.

Puck says that leaves, for one, New Mountain Capital, the investment firm founded by Steven Klinsky, a onetime partner of late IMG titan Teddy Forstmann. The final price tag for the acquisition remains very much in flux.

Who else is still standing? Both Excel Sports Management and Permira were said to be highly motivated to purchase Team Was, but the latter would need an exec to front the biz (as would New Mountain); ex-Endeavor Executive Chairman Patrick Whitesell has been put forward as the likely operator.