LOS ANGELES (CelebrityAccess MediaWire) — Creative Artists Agency has made some major moves in the sports world recently, cementing its position among the most powerful agencies in all facets of entertainment.
The Wall Street Journal points out that CAA gained instant notoriety after hiring a handful of powerful sports agents last year, including Tom Condon and Ken Kremer, who represent football star Peyton Manning, and Casey Close, who handles shortstop Derek Jeter.
CAA made its biggest deal in the sports world this past week, luring international soccer star David Beckham to the Los Angeles Galaxy for a five-year deal that will pay him $10 million per year to play, along with endorsements and profit-sharing agreements that could bring the total to as much as $250 million over the life of the deal.
As early as this week, CAA is expected to finalize a deal to acquire attorney Leon Rose’s sports representation business. Rose represents NBA stars LeBron James and Allen Iverson, among others, and the deal is expected to significantly bolster CAA’s stronghold on the industry.
The company is most likely going to capitalize on endorsement and entertainment deals for its sports stars, as commissions from typical sports contracts are generally capped at 5 percent by the leagues, rather than the standard agent fee of 10%. –by CelebrityAccess Staff Writers