American business executive George Pyne has already made his name in sports. The former COO of NASCAR and only the second non-family member to sit on its board, recently launched Bruin Sports Capital. Leaving behind the empire he built with IMG Sports and Entertainment, Pyne began Bruin in January 2015 after raising $250 Million through his reputation in the sports industry. Now Bruin has partnered with the National Football League to run its hospitality unit.
NFL On Location is the leagues’ “behind the scenes” experience unit. It provides access to events throughout the year other than just regular football games. This includes the NFL draft, the Pro Bowl, and the Hall of Fame enshrinement. The deal with Bruin will release control of operations to Pyne as well as RedBird Capital Partners.
Under the agreement, a new holding company, NewCo, was formed from Bruin and RedBird. Pyne will assume responsibility of executive chairman of the holding company. As part of the deal, 32 Equity will invest an undisclosed amount into the new company. 32 Equity is the group that oversees the NFL’s private equity.
Pyne is best known for turning IMG into the largest sports management company in the world, taking it from a valuation of $750 million to $2.4 billion when it was sold to William Morris Endeavor in 2013. If his luck continues, the NFL’s hospitality business is about to be disrupted.