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Steinberg Sports rebrands as Equity Sports, but the business won’t change

Mike Florio and Chris Simms weigh in on the long-term impact of Patrick Mahomes’ ankle injury and discuss where the QB will focus to improve heading into next season.

[Editor’s note: The following story is based on a report from Sports Business Journal. Please see the update at the bottom of the item for a clarification of that report.]

In an offseason that could, and perhaps should, feature an effort to upgrade the contract of Chiefs quarterback Patrick Mahomes to better reflect the market and the salary cap, his agents reportedly have gone their separate ways. In reality, nothing has changed.

Liz Mullen of Sports Business Journal reported on Tuesday that Leigh Steinberg and Chris Cabott will part company. Cabbott, who had been the CEO of Steinberg Sports & Entertainment, will launch Equity Sports.

“Steinberg Sports has existed since 1975 and will continue to flourish,” Steinberg said in a telephone interview with Mullen. “We wish Chris the best and thank him for 10 years of diligent service.”

Steinberg and Cabbott are the designated agents on the Mahomes contract. They will continue to jointly represent Mahomes.

“Today’s announcement marks the culmination of a process started two years ago, when the Yucaipa Companies purchased an equity stake in SSE and SSE’s legendary founder Leigh Steinberg started his company, Steinberg Speaks,” Cabbott said in a statement issued to Mullen. “We wish Leigh the best with his continued endeavors outside of the agency and are excited for the future of Equity Sports.”

There’s no reason to believe that the issue will affect the representation of Mahomes, no reason to expect any differences of opinions between the two agents as the long-term deal that Mahomes signed in 2020, after his third season, inches toward becoming obsolete.

UPDATE 10:30 p.m. ET: Despite the manner in which the SBJ was phrased, we’re told there was no parting of the ways between Steinberg and Cabbott. It was a re-branding of the agencies. The recent move was more of a rebrand and less of a separation. It reflects the manner in which business has been done by the company for the past two years. Most importantly for these purposes, it will have no impact on the representation of Patrick Mahomes.