Former president Bill Clinton says he is preparing to reduce or curtail his business relationship with Los Angeles billionaire Ron Burkle’s investment firm if his wife, Hillary Rodham Clinton, wins the Democratic presidential nomination, the

Wall Street Journal reports.

The move appears to be part of an effort to reduce the potential for conflict-of-interest controversies that could hamper Mrs. Clinton’s presidential bid. Mr. Clinton for the past five years has been a senior adviser to Mr. Burkle’s investment operation, Yucaipa Cos., and has held stakes in several Yucaipa investment funds. Some of those investments — including one involving Yucaipa’s acquisition of a car-hauling firm and another involving a troubled business deal with an Italian businessman — have been controversial.

Yesterday, the online Huffington Post reported that Mr. Clinton had “severed” his ties to Mr. Burkle. In a written statement, a spokesman for Mr. Clinton denied the report, but indicated changes are afoot in the Clinton-Burkle relationship. The spokesman said Mr. Clinton “has not severed” his Yucaipa ties, but added that the former president “is taking steps to ensure that should [Mrs. Clinton] receive the nomination, there will be an appropriate transition for those relationships.”

Messrs. Clinton and Burkle have been close friends for years. The former president still often stays at Mr. Burkle’s Beverly Hills estate, known as Green Acres, on visits to Los Angeles. Mr. Burkle is also a major fund-raiser for Mrs. Clinton’s presidential bid.

The financial value of Mr. Clinton’s Yucaipa relationship hasn’t been disclosed. Yucaipa has invested in a range of businesses.

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