Consider the case of cheerleading competitions. Varsity Brands is the country’s leading organizer of these events. As alleged in a class action complaint, between 2015 and 2018, Varsity bought its three largest rivals, all of which are now owned by Varsity, which in turn is owned by Bain Capital.119 By controlling 90 percent of the cheerleading competition market, Varsity gained control over the sport’s governing body and now decides which events entitle winners to participate in the country’s premier competitions. Varsity also allegedly increased participation fees and made money by, for instance, forcing competitors to wear only Varsity-approved uniforms and equipment and stay only in Varsity-approved hotels. “Cheerleading uniform prices have gone through the roof,” one local gym owner complained to the Federal Trade Commission. “Competition costs are so high that many athletes have to quit the sport.”120 Varsity and Bain largely deny the allegations of the class action complaint, and the lawsuit remains ongoing.121