Billionaire Ron Burkle Invests $30 Million in Relativity Sportsby
Agency's clients include NBA's John Wall, MLB's Bumgarner
Agent Happy Walters Leaves Relativity Sports for new venture
Billionaire Ron Burkle has been named chairman of Relativity Sports, the athlete representation and marketing agency whose clients include baseball’s Madison Bumgarner and David Ortiz, basketball player John Wall and football player Larry Fitzgerald.
Burkle, co-owner of hockey’s Pittsburgh Penguins, who are for sale, will also commit $30 million to facilitate the company’s growth. Burkle’s Yucaipa Cos. is an investor in the agency.
The company also said Chief Executive Officer Happy Walters would depart to form a sports and media company. Relativity will conduct a search for a new CEO.
Relativity Sports is part of Relativity Media, which filed for bankruptcy in July. The film and television company put itself up for sale, though the sports agency wasn’t included.
Relativity is third on Forbes Magazine’s list of most valuable sports agencies, trailing Creative Artists Agency and Boras Corporation. Forbes said Relativity has about $3.2 billion in active player contracts and $114 million in commissions.