ESPN founded the extreme sports event in 1995, and had continued to organise it through to the Winter X Games held in Aspen in January of this year.

It will retain a minority, non-controlling interest in the X Games and continue to broadcast the event in the United States.

MSP Sports Capital has already invested in McLaren Racing Limited and European football clubs Estoril Praia, AD Alcorcón, S.K. Beveren and FC Augsburg.

Legendary skateboarder Tony Hawk, a 10-time X Games gold medallist, has come on board as a brand steward.

Several X Games disciplines including snowboarding, skateboarding and freestyle BMX have gone on to feature at the Olympic Games.

ESPN chairman Jimmy Pitaro claimed that the changes would assist with the continued development of the X Games.

"We're proud of what we've created with our employees and the athletes over nearly 30 years of world-class X Games events and content," he said.

"We now look forward to an exciting next chapter with MSP Sports Capital, which has a proven track record of excellence in sports and a dynamic vision for the continued growth and progression of the industry-leading action sports brand."

MSP Sports Capital founder and chief executive Jeff Moorad said the company is thrilled to play a leading role in organising the X Games.

"MSP Sports Capital is excited about the future of X Games and being the new stewards of such an important part of sports history and its reimagined future," Moorad commented.

The next edition of the Winter X Games is due to be held in Aspen from January 27 to 29 next year, organised by MSP Sports Capital.