American football’s NFL has taken up an option to almost triple its stake in On Location Experiences, the premium hospitality and events business, it has been reported.
The league’s owners last month voted to significantly up its stake in the company from 13.5% to 45%, according to The Athletic.
The owners, who had initially established the company as a hospitality arm in 2004, retained a stake in the business, with the right to buy additional shares if they wished before a deadline in April 2022.
The NFL holds a share in On Location, a subsidiary of entertainment, sports, and content agency Endeavor, via strategic investment arm 32 Equity.
The events business was originally known as NFL On Location, and its shareholders previously included Bruin Sports Capital, the international sports and entertainment investment company, and RedBird Capital, which each owned more than 30%, and the Carlyle Group, which had a 10% stake.
Endeavor acquired On Location in early 2020 for around $660 million.
On Location is the official hospitality partner of the NFL and offers luxury travel, accommodation, and experiences, such as on-field and post-game access for events including the Super Bowl, NCAA college sports showpieces, golf’s Masters and Ryder Cup, and tennis’ US Open.
The firm controls much of the Super Bowl ticket market with the NFL licensing 9,500 tickets to the company for its showpiece. On Location’s packages start at almost $6,000.