Wasserman explained in an email to 4,000 employees that he's become a "distraction" from the company's work, writing, "That is why I have begun the process of selling the company, an effort that is already underway. During this time, Mike Watts will assume day-to-day control of the business while I devote my full attention to delivering Los Angeles an Olympic Games in 2028 that is worthy of this outstanding city." He is currently the chairman of the 2028 Los Angeles Organizing Committee for the Olympic and Paralympic Games.