Nov 11 (Reuters) - Endeavor Group ( EDR ) will sell its

OpenBet and IMG Arena businesses to management-led group OB

Global backed by Hollywood power broker Ari Emanuel for about

$450 million, the sports and entertainment company said on

Monday.

The deal, which includes participation from OpenBet

executives including CEO Jordan Levin, is a "necessary step" for

the closing of Endeavor's take-private deal, it said.

Private equity firm Silver Lake in April had struck a $13

billion deal to take Endeavor private. The deal is expected to

close by the end of the first quarter of 2025.

OB Global will finance the deal through a mix of cash and

debt, Endeavor said. Levin will continue to lead OpenBet, a

sports betting entertainment firm, after the deal closes.

"This management buyout allows us to continue executing our

vision for increased market expansion and product innovation,"

Levin said.

Endeavor said it would continue to market IMG Arena for sale

to a third-party purchaser prior to and after closing the deal.

IMG Arena delivers live streaming and data feeds for more

than 65,000 events across multiple sports.

The transaction is dependent on and expected to close

immediately prior to the closing of Endeavor's take-private

deal.

Raine Group and Oakvale Capital were the financial advisers

to Endeavor.