Providence Equity Partners will buy out the stake in Wasserman Media owned by RedBird Capital Partners and Madrone Capital Partners, who exit the company.

RedBird Capital, who this year took over ownership of Italian football club AC Milan, only bought a minority stake in the a sports marketing and talent management company in February 2021.

Wasserman is to retain a controlling ownership stake in his own company, but the financial details were not disclosed as to what percentage Providence now controls.

The company works in sports, music, media, brands and properties in 23 countries.

It claims to be built on "integrity and a relentless pursuit of pushing what's possible for our clients, our robust, expert team provides a full suite of services for the modern athlete - in golf, basketball, baseball, American football, global football (soccer), action sports and Olympics - from top deal negotiations through brand development and beyond."

"I am incredibly proud of the business, and more importantly the team we have built over the past 20 years," said Casey Wasserman in a statement. 

"Our prioritisation of client service and values has resulted in tangible business success and cultural rewards, and there is no better partner to help us accelerate and scale this purpose-driven model than Providence. 

"Their long relationship with our executive management group plus their extensive experience and established investment approach across the sports, media and entertainment sectors, and a shared commitment to culture will help accelerate the next phase of Wasserman's expansion."

Some of Providence's clients including Spanish football club Real Madrid and driving range entertainment facility Topgolf.

Wasserman was appointed as the chair of Los Angeles 2024 in 2014 by the city's former Mayor Eric Garcetti.

Los Angeles was awarded the 2028 Olympic and Paralympic in 2017 following a deal with the International Olympic Committee and Paris that saw the French capital given the 2024 Games.

After Garcetti left office this year, Democrat Karen Bass was elected to the position, winning the runoff against Rick Caruso.

Bass has said her priority is tackling homelessness in the city, even before the Games.

Wasserman, a major Democratic Party donor, previously said reducing homelessness was not the job of Los Angeles 2028.

He has previously been linked with running to become the Governor of California, a position previously held by Ronald Reagan and Arnold Schwarzenegger, following Los Angeles 2028,