Rich Paul

Last updated

Rich Paul
Rich Paul NFL Draft Interview.png
Paul in 2023
Born
Richard Paul

(1980-12-16) December 16, 1980 (age 43)
Cleveland, Ohio, U.S.
Occupations
Years active2003–present
Height5 ft 8 in (173 cm)
TitleFounder, Klutch Sports Group
Board member ofUnited Talent Agency
Los Angeles County Museum of Art
Live Nation Entertainment
Partner(s) Adele (2021–present; engaged)
Children3

Rich Paul (born December 16, 1980) is an American sports agent and the founder and chief executive officer of Klutch Sports Group. His most notable client is basketball player LeBron James, with whom he has been a longtime friend. Paul is also co-head of the Sports division at United Talent Agency.

Contents

Early life

Paul grew up in a one-bedroom apartment above his father's store, R & J Confectionery, on East 125th and Arlington in Forest Hills, a neighborhood on the east side of Cleveland. [4] His father, Rich Paul Sr, enrolled him in the private, fee-paying Benedictine High School, a Catholic school. [4] [5]

After graduating from high school, Paul was mentored by Distant Replays owner Andy Hyman on selling vintage jerseys. [5] He would buy throwback jerseys from Atlanta and sell them out of his trunk in Cleveland. [6] [5] Paul was a student at the University of Akron when his father was diagnosed with intestinal cancer in 1999. To be closer to him, Paul transferred to Cleveland State. A few months later, his father passed away, and Paul dropped out of school. Paul said: "He was always telling me my education was important ... I always wanted to work. But I still probably would have finished school if my father was alive. I never wanted to let him down." [7]

In 2002, he met LeBron James at the Akron–Canton Airport, where James was impressed by Paul's authentic Warren Moon throwback jersey. [8] The two exchanged contact information, and soon Paul had sold James a Magic Johnson Lakers jersey and a Joe Namath Rams jersey. [6]

Career

Following the 2003 NBA draft, Paul joined James as a part of his small inner circle, along with James' childhood friends Maverick Carter and Randy Mims. [8] He would later start working under Leon Rose, who had negotiated James' extension with the Cavaliers in 2006, at Creative Artists Agency (CAA). [9]

In 2012, Paul, along with James, left Rose and Creative Artists Agency to start his own agency, Klutch Sports Group. [9]

In 2013, Paul enlisted noted long-time agent and attorney Mark Termini to run the NBA contract negotiations for Klutch. [10] [5]

Before the start of the 2017–18 season, Phoenix Suns owner Robert Sarver had told Paul that if he did not sever ties to head coach Earl Watson, who had Paul and the Klutch Sports Group as an agent at the time, he would fire Watson from the team. After the Suns got off to a 0–3 start, with two blowout losses (including the worst loss in franchise history and worst season-opening performance in NBA history) being the perfect cover story in mind, Watson was fired on October 22, [11] and replaced on an interim basis by associate head coach Jay Triano for the rest of that season. This story later became part of a subsequent major report on Sarver, which led to his year-long suspension from the NBA and, afterward, Sarver's agreement to sell the Suns and Phoenix Mercury to a new owner. [12] [13] [14]

In June 2019, Paul was featured on the Sports Illustrated cover, which dubbed him "The King Maker". [15] In July 2019, United Talent Agency (UTA) said it had invested strategically in Klutch Sports Group and asked Paul to run its Sports division. [16] Jeremy Zimmer, United Talent Agency's chief executive officer (CEO), said they took a "significant ownership" in Klutch, but Paul "maintains control as operator of his business". Neither Paul nor Zimmer wanted to disclose the value of the financial investment. [17] Paul expanded the division's clients from 4 to 23. [18] In August 2019, the National Collegiate Athletic Association (NCAA) changed its regulations for agents, requiring them to hold a bachelor's degree. Called the "Rich Paul Rule" by the media, it was widely seen as a swipe at Paul for having not graduated from college and for working with a high school prospect Darius Bazley who decided to work as an intern for New Balance for a year before entering the 2019 NBA draft rather than attend Syracuse or even enter the NBA G League like he first planned to do. [18] Paul argued in an op-ed in The Athletic that the rule would prevent people from less prestigious backgrounds, people of color, and those without the funds to attend college from working as agents in the future so NCAA executives could have more control. [19] The NCAA later backed down from the regulation change. [18]

In 2020, Paul launched Klutch Conversations during the NBA All-Star Weekend with SocialWorks and General Mills to encourage financial literacy among young people. [20] In July 2020, he was appointed to United Talent Agency's board of directors. [21] [22] GQ magazine named Paul "Power Broker of the Year" in its December–January 2020 issue. [18] By the conclusion of Termini's tenure at Klutch in 2020, Klutch Sports had a roster of 25 clients, and Termini had led negotiations on over US$1 billion worth of NBA contracts for said clients. It was around this time Paul picked up the nickname in agency circles, "Rich" Paul referring to the commission he began to take in. [5] [23]

In April 2021, it was announced that Paul had partnered with former Nike executives to form Adopt, a minority-owned marketing and creative agency that assists companies in the sports and wellness sector. [24] The following month, Isaac Chotiner of The New Yorker wrote that Paul "is known for driving hard bargains for star clients, giving them new power in the N.B.A." [7] In August 2021, Paul was reportedly being sued by Nerlens Noel on the grounds of a breach of fiduciary duty, breach of contract, and negligence for his role in turning down a $70 million contract offer from the Dallas Mavericks in the offseason preceding the 2017–18 season. [25] New Balance asked Paul to collaborate on a new release of the NB550 sneaker which went on sale in December 2021. [26]

In 2022, Paul joined the Los Angeles County Museum of Art (LACMA) board of trustees. [27] [28] In May 2022, Paul, alongside Bob Iger and eBay, was part of a consortium in a $263 million strategic investment led by Peter Chernin's The Chernin Group into the pop-culture collectibles company Funko, taking a 25% stake between the four of them. [29] Following this, Paul was appointed advisor to Funko's board of directors, helping the company to "expand its presence in the music and sports categories". [30] Paul was fourth on Forbes ' 2022 "World's Most Powerful Sports Agents" list. [31]

Paul and Noel eventually reached a settlement on January 11, 2023. Noel paid full commissions on a $5 million deal he signed in 2020 with the New York Knicks and withdrew all legal proceedings afterward. [32] In February 2023, Paul launched Klutch Athletics, a new sportswear brand in collaboration with New Balance. [33] In April 2023, he was added to the board of directors of Live Nation Entertainment. [34] Paul wrote a book with Jesse Washington, Lucky Me: A Memoir of Changing the Odds, published in October 2023. It was on The New York Times best-seller list upon its release. [35] In November 2023, Paul resigned from Funko's board of directors following a wave of departures, including CEO Brian Mariotti and other senior executives, as the company recorded a financial loss in the third quarter. [36] In 2023, Variety named Paul to its Variety500 index for the fourth consecutive year [37] as one of the most "influential business leaders shaping the global media industry". [38]

In March 2024, Robinhood chose Klutch Sports Group to "serve as its agency of record for sports and entertainment partnerships", appointing Paul to be the company's strategic brand advisor. [39] In the summer of 2024, Paul expanded his scope to Europe by working with co-founder and managing director Björn Bezemer of Representatives Of Outstanding Footballers (ROOF), Germany's largest soccer player agency. [40] The German agency, which has 150 clients across the European "Big Five", was initially acquired by United Talent Agency and integrated into Klutch Sports Group. Bezemer was appointed head of Klutch Global Football. [41]

Personal life

Paul has three children. [42] In 2021, he entered into a relationship with British singer Adele. [43] [44] On August 9, 2024, she announced they were engaged during one of her 10-date concert residency in Munich, Germany. [45] [46] [47] [48] Paul had never been married before meeting Adele. [49]

He was included in the 2020 " Ebony Power 100 List". [50]

Written works

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References

  1. ↑ Bruell, Alexandra (December 6, 2021). "New Balance Taps Sports Agent Rich Paul for Latest Product Endorsement". The Wall Street Journal . Archived from the original on September 1, 2024. Retrieved September 2, 2024.
  2. ↑ "Klutch CEO Rich Paul on the changing business of sports". The Washington Post . October 10, 2023. Archived from the original on September 1, 2024. Retrieved September 1, 2024.
  3. ↑ Jackson, Eric (April 24, 2023). "Andrew Thau Named Co-Head of UTA Sports with Rich Paul". Variety . Archived from the original on September 1, 2024. Retrieved September 1, 2024.
  4. 1 2 Drape, Joe (August 17, 2014). "An Agent of Change". The New York Times . Archived from the original on September 1, 2024. Retrieved September 1, 2024.
  5. 1 2 3 4 5 Price, S. L. (June 12, 2019). "The King Maker: Why Rich Paul Will Own the NBA Summer". Sports Illustrated . Archived from the original on September 1, 2024. Retrieved September 12, 2024.
  6. 1 2 "Meet Rich Paul, The Man Who Orchestrated LeBron's Return To Cleveland". Business Insider. July 14, 2014. Retrieved August 18, 2014.
  7. 1 2 Chotiner, Isaac (May 31, 2021). "LeBron James's Agent Is Transforming the Business of Basketball". The New Yorker . Archived from the original on April 28, 2023. Retrieved September 14, 2024.
  8. 1 2 Broussard, Chris (December 25, 2012). "The chosen's one". ESPN.
  9. 1 2 "LeBron James Leaves CAA, Childhood Friend will Represent Him". International Business Times. September 13, 2012. Retrieved September 12, 2024.
  10. ↑ Zillgitt, Jeff (January 15, 2013). "LeBron James rep Klutch Sports adds top agent Termini". USA Today. Retrieved June 8, 2021.
  11. ↑ Suns Relieve Earl Watson of Head Coaching Duties, NBA.com Published October 22, 2017. Accessed October 22, 2017.
  12. ↑ Allegations of racism and misogyny within the Phoenix Suns, ESPN.com
  13. ↑ "Ishbia agrees to Suns purchase for record $4B". ESPN.com. December 20, 2022. Retrieved December 27, 2022.
  14. ↑ "Sources: Mat Ishbia's purchase of Suns, Mercury to be official soon". espn.com. January 25, 2023. Retrieved January 30, 2023.
  15. ↑ "Assessing Rich Paul's Influence on the Sports World". Sports Illustrated . June 12, 2019. Archived from the original on September 12, 2024. Retrieved September 12, 2024.
  16. ↑ Hayden, Erik (July 17, 2019). "UTA Partners With LeBron James' Agent Rich Paul for Sports Division". The Hollywood Reporter . Archived from the original on September 14, 2024. Retrieved September 14, 2024.
  17. ↑ Vardon, Joe (July 17, 2019). "Way past LeBron: Global talent firm UTA buys into Rich Paul's Klutch Sports Group with eye toward major expansion". The New York Times . Archived from the original on July 4, 2024. Retrieved September 15, 2024.
  18. 1 2 3 4 Skipper, Clay (December 16, 2019). "Rich Paul: Power Broker of the Year". GQ . Archived from the original on April 11, 2023. Retrieved September 12, 2024.
  19. ↑ Paul, Rich. "Op-ed: Rich Paul on the NCAA's new restrictions for player-agents". The Athletic. Retrieved February 9, 2021.
  20. ↑ Young, Jabari (February 11, 2020). "Power agent Rich Paul launching Klutch Conversations during NBA All-Star weekend". CNBC. Retrieved February 10, 2021.
  21. ↑ McNary, Dave (July 27, 2020). "LeBron Jame' Agent Rich Paul Named to UTA Board". Variety . Archived from the original on September 1, 2024. Retrieved September 1, 2024.
  22. ↑ Stein, Marc (July 17, 2019). "LeBron James's Agent, Rich Paul, Starts a Sports Division at a Hollywood Firm (Published 2019)". The New York Times. ISSN   0362-4331 . Retrieved February 10, 2021.
  23. ↑ Stein, Marc [@TheSteinLine] (February 19, 2021). "Mark Termini, the longtime agent and attorney who led negotiations on the $1.4 billion in NBA contracts closed by Klutch Sports from 2014-2019, is no longer affiliated with the agency, league sources say" (Tweet). Archived from the original on March 4, 2021. Retrieved June 11, 2021– via Twitter.
  24. ↑ "Sports agent Rich Paul joins former Nike execs to start marketing agency Adopt". CNBC . April 2, 2021. Archived from the original on September 11, 2024. Retrieved September 11, 2024.
  25. ↑ O'Donnell, Ricky (August 25, 2021). "Nerlens Noel is suing Rich Paul for fumbling the bag". SBNation.com. Retrieved October 11, 2021.
  26. ↑ Maoui, Zak (December 7, 2021). "Step aside LeBron James, Rich Paul is coming for your sneaker design crown". British GQ . Archived from the original on September 10, 2024. Retrieved September 10, 2024.
  27. ↑ Durón, Maximilíano (March 9, 2023). "Nearing Goal for Zumthor Building Capital Campaign, Lacma Adds 11 Board Members, Including Cheech Marin, Lionel Richie, and Boojin Lee". ARTnews . Archived from the original on September 9, 2024. Retrieved September 9, 2024.
  28. ↑ Sutton, Benjamin (March 9, 2023). "Lacma adds more high-profile board members as it inches closer to $750m fundraising goal for new building". The Art Newspaper . Archived from the original on September 9, 2024. Retrieved September 9, 2024.
  29. ↑ Whitten, Sarah (May 5, 2022). "Bob Iger, eBay, sports agent Rich Paul, Chernin Group team up to buy 25% stake in toy maker Funko". CNBC . Archived from the original on September 10, 2024. Retrieved September 10, 2024.
  30. ↑ Weprin, Alex (May 5, 2022). "Chernin Group, Bob Iger and Rich Paul Invest $263M in Toymaker Funko". The Hollywood Reporter . Archived from the original on September 10, 2024. Retrieved September 10, 2024.
  31. ↑ "Sports Agents − The List". Forbes . 2020. Archived from the original on March 8, 2022. Retrieved July 8, 2022.
  32. ↑ "Nerlens Noel Settles Lawsuit with Rich Paul, Will Pay Commission on Knicks Contract". Bleacher Report .
  33. ↑ Bengel, Chris (February 15, 2023). "Rich Paul, LeBron James' longtime agent, partnering with New Balance to launch new sportswear brand". CBS Sports . Archived from the original on September 11, 2024. Retrieved September 11, 2024.
  34. ↑ Weprin, Alex (April 13, 2023). "Live Nation Adds Rich Paul to Board of Directors". The Hollywood Reporter . Archived from the original on September 1, 2024. Retrieved September 1, 2024.
  35. ↑ Gardner, Chris (October 26, 2023). "Rich Paul's 'Lucky Me' Hits New York Times Best-Seller List on Same Day He's Feted by UTA". The Hollywood Reporter . Archived from the original on September 11, 2024. Retrieved September 11, 2024.
  36. ↑ Thompson, Joey (November 6, 2023). "Klutch Sports CEO Rich Paul steps down from Funko board" . The Business Journal . Archived from the original on September 11, 2024. Retrieved September 11, 2024.
  37. ↑ "Variety500 − Rich Paul". Variety . 2023. Archived from the original on September 12, 2024. Retrieved September 12, 2024.
  38. ↑ Grenier, Elizabeth (December 12, 2023). "Berlin Film Festival names Tricia Tuttle as new director". Deutsche Welle . Archived from the original on September 12, 2024. Retrieved September 12, 2024.
  39. ↑ Miao, Hannah (March 7, 2024). "Robinhood Gets Sporty" . The Wall Street Journal . Archived from the original on September 1, 2024. Retrieved September 1, 2024.
  40. ↑ Whittock, Jesse (June 10, 2024). "UTA Scores Deal To Buy Europe Soccer Agency Roof". Deadline Hollywood . Archived from the original on September 1, 2024. Retrieved September 14, 2024.
  41. ↑ Weprin, Alex (June 10, 2024). "UTA Acquires European Soccer Agency Roof as Klutch Expands Global Reach". The Hollywood Reporter . Archived from the original on September 1, 2024. Retrieved September 14, 2024.
  42. ↑ Brockington, Ariana (June 12, 2022). "Adele's boyfriend Rich Paul talks having more kids and 'being a different dad'". Today . Retrieved May 16, 2023.
  43. ↑ Greene, Jordan. "Who is Adele's boyfriend, Rich Paul? The singer says she's 'in love'". Today . Retrieved April 12, 2023.
  44. ↑ Murphy, Nichola (February 28, 2023). "Everything Adele has said about £750k engagement ring and secret Rich Paul wedding plans". Hello Magazine. Retrieved April 12, 2023.
  45. ↑ Dailey, Hannah (August 9, 2024). "Adele & Rich Paul Engaged: Singer Reveals She's 'Getting Married' at Munich Concert". Billboard . Retrieved August 9, 2024.
  46. ↑ "Adele appears to confirm she's engaged to Rich Paul". The Independent .
  47. ↑ "Adele tells Munich concert crowd she's engaged". Sky News .
  48. ↑ "Adele Finally Confirmed That She's Engaged To Rich Paul In A Way That Only Adele Could Do". BuzzFeed .
  49. ↑ Henderson, Cydney (October 20, 2021). "Adele on how boyfriend Rich Paul helps her step out of comfort zone: See their relationship timeline". USA Today . Archived from the original on September 15, 2024. Retrieved September 15, 2024.
  50. ↑ "2020 Ebony Power 100 List". Ebony . February 26, 2020. Retrieved November 10, 2020.
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