The organization began in 1992 through the efforts of 20 professional bull riders who gathered in a hotel room in Scottsdale, Arizona and each contributed $1,000. This group of riders were seeking to break away from traditional rodeo and gain better recognition for rodeo's most popular event. "We wanted to create a better product for the fans, so that when they tuned in they were seeing the best of the best every time," said PBR co-founder and nine-time World Champion Ty Murray. Murray later served as the president. In 2007, investment firm Spire Capital Partners acquired a majority stake in PBR and turned those founders $1,000 into millions. In April 2015, Endeavor (formerly WME | IMG), a global leader in several industries, bought the PBR.