MSP Sports Capital and ESPN have come to an agreement that will see the network sell its majority stake in the X Games.
ESPN Productions will continue to hold a minority stake in the company, and ESPN will continue to hold the broadcast rights for the event.
The new X Games property will be led by former Twitch Vice President of Original Content Steve Flisler. He also served as the Executive Producer of Twitch Rivals. X Games legend Tony Hawk has joined the organization in an advisory role. In addition, around a dozen ESPN employees will move to the new X Games company.
It was reported in January of last year that ESPN was considering shopping the event to potential bidders. At that time, the reported asking price was $50 million. In January of this year, it was reported MSP Sports Capital was the leader to acquire the event, but apparent legal details pushed finalization back until now.
Flisler wants to expand coverage of the X Games, and believes action sports athletes and fans are interested in more content.
“The more they can entertain their audiences, the more we can grow things together,” said Flisler in an interview with Sports Business Journal. “Historically, 20 years ago, where you watched skateboarding was at the skatepark or you watched the X Games. Now you can watch at a moment’s notice, and the hype can reach you through all kinds of social media outlets.”
MSP Sports Capital is led by Jahm Najafi and Jeff Moorad. The company currently holds a stake in McLaren Racing, as well as four soccer clubs around Europe.
Financial terms of the deal were not disclosed.
