[1][2] In 2023 and 2024, Varsity and its previous owners agreed to settle multiple class action lawsuits, including those surrounding high financial costs, and conflicts of interest with the U.S. All Star Federation.

Varsity Spirit was founded by Jeff Webb,[3] a yell leader at the University of Oklahoma contemplating law school.

After working as a summer camp instructor for Lawrence "Herkie" Herkimer's National Cheerleaders Association (NCA),[4] he attempted, but failed, to acquire part of the company.

[9] In 2003, Varsity backed the formation of the U.S. All Star Federation, a sanctioning body for "all-star" cheerleading competitions involving teams from private gyms.

[10] In 2004, Varsity acquired National Spirit Group, owner of the NCA (which Webb estimated to have a 25% market share in 2002),[11][9] giving it control of the sheer majority of the cheerleading industry.

[16] Charlesbank Capital Partners acquired Varsity Brands in 2014, after which it began to place a larger focus on club-based "all-star" cheerleading.

[18] The Supreme Court ruled in favor of Varsity, establishing that aesthetic elements of a useful article can be protected if they are a copyrightable artistic work, and are identifiable as art when mentally separated from the practical aspects of the item.

In a 2021 interview with Sportico after the International Olympic Committee (IOC) voted to recognize the ICU, Webb stated that he had divested himself of Varsity, recently had "a very favorable liquidity event", and "was looking around with what I want to do with this phase of my life."

Varsity's former vice president of corporate alliances and business development, Marlene Cota, stated that Webb's role in the company had begun to lessen after the sale to Charlesbank.

Inspired by the popularity and competitive nature of cheerleading in the early 1990s, publishing executive Michael Weiskopf started a magazine to take advantage of its evolving culture.

It was published by Lifestyle Ventures, LLC, and the first issue featured University of Maryland cheerleader Penny Ramsey, who went on to become a castaway in Thailand on the CBS show Survivor in 2002.

[23][24] American Cheerleader covered training tips for stunting and tumbling, tryout advice, team building activities, beauty, fashion, fitness and how to balance schoolwork and cheer.

[27][28][29] Past celebrity covers have included Debby Ryan,[30] Erica Joy Allen, Krystyna Krzeminski, Kendall Jenner,[31] Heather Morris, Francia Raisa, Christina Milian, Kirsten Dunst, Mýa, Hilarie Burton, Ashley Tisdale, and Olivia Holt.

[10] The U.S. All Star Federation (USASF), a governing body for private cheer and dance squads, was formed in 2003 with financial backing by Varsity Spirit via a no-interest loan.

[10] Under a "Stay Smart" scheme, attendees of events were also required to book accommodations with specific providers vouched by Varsity, which were accused of having paid kickbacks to the company.

It found that their list of blacklisted individuals only contained 21 people, and was only amended and expanded following reports made by the paper.

The suit alleged negligence in violation of the Protecting Young Victims from Sexual Abuse and Safe Sport Authorization Act of 2017, including that Varsity made no effort to prohibit Foster from attending its sanctioned events, even after his suspension from the USASF in 2018.