@Kevin : great, is this in 1.7.x or the upcoming 1.8?

It's in 1.7.2 and higher at least.

Got sidetracked but just tried this out now.

Works perfectly thanks Kevin!

This is the full syntax I used in case anyone else needs it:

$last_player = elgg_get_entities_from_relationship(array('relationship' => 'member', 'relationship_guid' => $team->guid, 'inverse_relationship' => TRUE, 'order_by' => 'r.time_created DESC', 'limit' => 1));