https://www.nytimes.com/2024/10/22/magazine/cheerleading-jeff-webb.html
Varsity’s market power has made the cheer world a paranoid place. In my reporting for this story, dozens of people spoke about the company in conspiratorial tones better suited to a spy thriller. My sources were at least right that the company was paying attention. Not long after beginning my reporting for The Times, a managing director from Teneo — the high-powered public-relations firm whose clients have included Coca-Cola, Dow Chemical and Saudi Arabia’s public investment fund — contacted me. I soon found myself dealing with separate P.R. agencies representing two private-equity firms, Varsity and Jeff Webb himself, who invited me to interview him. “I don’t think I’ve done a great job marketing myself,” he told me. “I would rather let the deeds speak for themselves.”
Varsity had been hit with a raft of antitrust and personal-injury lawsuits, which provided an unprecedented glimpse into Varsity’s operations: Thousands of pages of documents and emails showed how Webb, a former cheerleader himself, built a company so powerful that its market position has not been meaningfully challenged by the many lawsuits and controversies. In July, KKR, one of the largest private-equity firms in the world, bought Varsity and its affiliate companies from Bain Capital for a reported $4.75 billion, a clear bet that Varsity’s control of cheerleading will survive the current scrutiny. Since the KKR sale, a sense of foreboding hangs over the world of cheer: Is there any scandal big enough to shake Varsity’s grip on American cheerleading?