Rich Paul is broadening his business horizons. According to reports from Joe Vardon of The Athletic and Marc Stein of The New York Times, United Talent Agency is making “a significant investment” in Paul and his company, Klutch Sports Group.
Via Marc Stein of The New York Times:
United Talent Agency, one of the leading representation firms in Hollywood, has joined with the influential N.B.A. agent Rich Paul to create a sports division for the entertainment company.
Paul, now 37 years of age, will run United Talent Agency's new sports division, executives who took part in the deal told cleveland.com and The New York Times. The Cleveland native has come a long way since taking the job of LeBron James' agent in 2003. Now, years later, Klutch Sports represents 23 of the NBA's best players:
“We’ve been looking for the right sports opportunity for quite a while,” said Jeremy Zimmer, the talent agency’s chief executive. “We have taken a significant stake in Klutch, but Rich retains very substantial controls because we want it to be his business and we love what he’s doing.”
At this point, the exact amount of the stake has not been released. Paul says “nothing changes,” though, and he believes the deal will allow him to build the Klutch brand even further:
“The modern athlete thinks differently, and I, as the modern agent, think differently,” Paul told The New York Times. “Guys want more. Guys want to build separate businesses. I tell our clients all the time that the most money you’re ever going to make in your life is probably going to be doing what you were born to do, but it’s O.K. to think outside the box.”
From humble beginnings, Paul has become a force in the world of sports agency. This summer alone, he closed on $290 million in contracts, according to The New York Times. Furthermore, he has closed on over $1 billion in deals since the founding of Klutch Sports, including $342 million through LeBron's deals.
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