Endeavor CEO Ari Emanuel is leading a buyout of his company’s sports betting assets—IMG Arena and OpenBet—for $450 million.

The sports and entertainment giant, which is in the process of being taken private, announced Monday afternoon that it had reached an agreement to sell the two assets to OB Global Holdings LLC, which is backed by Emanuel. A number of OpenBet executives, including CEO Jordan Levin, are participating as well.

Endeavor bought OpenBet in 2022 for $800 million ($750 million in cash and $50 million in stock). That price was 33% less than the original $1.2 billion purchase agreement, a discount that reflected challenges in the sports betting market at the time. Earlier this year, OpenBet and IMG Arena were combined under a single name and leadership team, led by Levin.

It’s unclear what Emanuel’s specific financial involvement is with OB Global. An Endeavor representative didn’t immediately respond to an email seeking comment.

Endeavor has been steadily unloading assets in the wake of an April announcement that private equity giant Silver Lake—already a sizable Endeavor investor—would be taking the company private at $27.5 per share. Last month, Endeavor sold On Location, IMG and PBR to subsidiary TKO Group Holdings in a $3.25 billion deal. Bloomberg reported last week that Emanuel was raising money to buy some of Endeavor’s live-entertainment businesses, such as the Frieze Art Fair and some tennis tournaments.

The sale of the sports betting assets is a “necessary step” ahead of its being taken private, Endeavor said Monday. The $450 million deal will be financed through a mix of cash and debt, and it is conditioned on/expected to close immediately prior to that Silver Lake transaction. Levin will continue to lead the business after it is sold.

Endeavor was advised by Oakvale Capital and the Raine Group. The company (NYSE: EDR) closed trading on Monday around $28.90 per share.