RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

21. RELATED PARTY TRANSACTIONS

The Company has the following related party transactions as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands):


	December 31,
	2022		2021
Other current assets	$	17,827	$	4,728
Investments		2,146		—
Other assets		—		322
Deferred revenue		825		264
Other current liabilities		3,801		2,431


	Years Ended December 31,
	2022			2021		2020
Revenue	$	45,341		$	24,487	$	11,233
Direct operating costs		17,993			7,998		6,458
Selling, general and administrative expenses		16,614			16,943		17,274
Interest expense, net		—			—		1,206
Other (expense) income, net		(6,806	)		3,500		3,500

As of December 31, 2022, the Company has an equity-method investment in Euroleague, a related party. For the years ended December 31, 2022, 2021 and 2020, the Company recognized revenue of $7.9 million, $5.6 million and $(1.5) million, respectively, for a management fee to compensate it for representation and technical services it provides to Euroleague in relation to the distribution of media rights. This revenue is included in the Owned Sports Properties segment. Also, for the years ended December 31, 2022, 2021 and 2020, the Company recognized revenue of $10.3 million, $12.4 million and $7.8 million, respectively, for production services provided to Euroleague as well as direct operating costs of $7.0 million, less than $0.1 million and $3.5 million, respectively, for the procurement of a license for gaming rights from Euroleague, which are included in the Events, Experiences & Rights segment. As of December 31, 2022 and 2021, the Company had a receivable of $8.4 million and $1.4 million, respectively, and a payable of $1.0 million and $1.4 million, respectively.

Silver Lake and certain of our executives indirectly own a minority interest in The Raine Group ("Raine"). During the year ended December 31, 2022, the Company recorded expenses of $26.3 million related to transaction costs for investment banking services primarily in connection with the sale of the restricted Endeavor Content business and the acquisitions of OpenBet and Barrett-Jackson (Note 4). These expenses were recorded in selling, general and administrative expenses and other income, net in the consolidated statement of operations. In addition, during the year ended December 31, 2022, the Company invested $2.1 million in non-marketable funds maintained by Raine.

In September 2022, the Company sold the ten PDL Clubs that operated under the DBH umbrella to Silver Lake, stockholders of the Company (Note 4).

In connection with the IPO and related transactions, the Company entered into a TRA with certain persons that held direct or indirect interests in EOC and Zuffa prior to the IPO. The TRA generally provides for the payment by EGH of 85% of the amount of any tax benefits that EGH actually realizes, or in some cases is deemed to realize (Note 16). As of December 31, 2022, the Company has $1,011.7 million recorded, of which $390.1 million is due to related parties.