The Harlem Globetrotters are changing hands.
Herschend Family Entertainment, a private group that operates Dolly Parton’s Dollywood theme parks among other quintessentially American attractions, agreed to buy the acrobatic basketball troupe from Shamrock Capital Advisors, a private equity firm based in Los Angeles. Terms of the deal were not disclosed.
Founded in 1926 as the Savoy Big Five, the Globetrotters helped popularize basketball with their whimsical take on the sport. Employing novelty acts like “One-Armed Boid Buie,†who averaged 18 points a game, and Robert “Showboat†Hall, known for his fast passing game and flashy ball handling skills, the Globetrotters occasionally beat professional teams, including the Lakers, in exhibition games.
“The Globetrotters enjoy a huge global popularity that spans all continents,†the Globetrotters chief executive Kurt Schneider said in a statement. “Our brand is hotter than ever.â€
Today, the Globetrotters perform more than 400 live events each year. Herschend said that the Globetrotters last year recorded record-high revenues from live events, sponsorships and merchandise sales.
“For nearly nine decades, the Harlem Globetrotters have had a rich tradition of creating family memories through sports and entertainment,†Herschend’s chief executive Joel Manby said in a statement. “Becoming the new owners of this legendary team is a natural step as H.F.E. continues to develop wholesome, immersive entertainment that parents can trust â€" entertainment that brings families closer together.â€
Shamrock, founded in 1978 as the Disney family investment company, has more than $700 million under management. The firm bought the Globetrotters in 2005 for an undisclosed sum.
Genesis Capital Group advised Herschend, and McKenna Long & Aldridge provided legal counsel. Piper Jaffray Companies advised the Globetrotters, with Kirkland & Ellis providing legal counsel.
