SFX Sports Chief to Buy Back L.A. Business

Clear Channel Communications Inc., the world’s largest radio broadcaster, said Arn Tellem resigned as head of the company’s SFX Sports athlete-management unit and would buy back his Los Angeles-based part of that business.

SFX Sports represents more than 500 athletes worldwide, San Antonio-based Clear Channel said. Tellem exercised an option to buy back his company and will take his clients, Clear Channel said. He’ll stay until Jan. 1.

About 100 athletes, including New York Yankee slugger Jason Giambi and Houston Rocket basketball star Tracy McGrady, will leave SFX and be represented by his new agency, Tellem said in an interview.