LeBron James/Johnny Manziel

Johnny Manziel's downward spiral added another chapter Wednesday night, as LeBron James's marketing agency announced it is parting ways with the controversial quarterback. The announcement comes in the midst of Manziel's latest controversies, including a rumored excursion to Las Vegas while under NFL concussion protocol, and a citation for driving with expired license plates.

"We've decided to end our formal business relationship with Johnny," Maverick Carter, James' long-time friend and business partner who runs James' LRMR acency, told Cleveland.com.

"I will continue to support and advise him as a friend. However, because Johnny needs to focus on personal growth, the next phase of his career and because LRMR continues to expand beyond marketing, we made the mutual decision that it was best to terminate our business relationship."

James established a relationship with Manziel while Johnny Football was still the big man on campus at Texas A&M. James jumped ship from Miami to Cleveland shortly after the Browns drafted Manziel. James reached the NBA Finals last season. Manziel's professional tenure hasn't been as pretty, featuring more black eyes than NFL starts.

James expressed concern for Manziel "individually" Wednesday after hearing his Las Vegas story. James' comments show just how distant their relationship has traveled.

"I don't know all the details on it, I really kind of even haven't been all up on it, but I've heard a little bit of it and it's just a distraction for not only himself but for everyone that's around him, including family, people that represent him, the people around him," James said. "He'll figure it out at some point, we all hope."

LRMR previously hinted at a transition from working on endorsements to managing James' business deals. A lifetime deal with Nike for James satisfies potential endorsement milestones. With the agency focused more on investing James' money, Manziel appears to be fat the company did not need.

Fenway Sports Management, who has been a partner of LRMR since 2011, is also dropping Manziel.

But it gets worse: The Browns are allegedly "done" with Manziel, as the team is currently in search of a new head coach.

More Johnny: Johnny Football Signs 'Money Manziel' On $100 Bill

-- Follow Jeffrey Eisenband on Twitter @JeffEisenband.