Goldman Sachs announced Tuesday that it is partnering with Excel Sports Management and making an investment that will result in a majority stake in the agency that represents athletes including Caitlin Clark, Nikola Jokic, Tiger Woods and Cal Raleigh. The Financial Times reported that the deal is worth almost $1 billion.
The transaction remains subject to regulatory approval, a person briefed on the deal said. Goldman Sachs is executing the investment through its private equity arm.
The deal represents Goldman Sachs’ most significant entry into the sports industry. Excel is among the top agencies in the NBA, NFL and Major League Baseball, with major clients in every league.
Goldman Sachs previously entered the sport through financial advisory roles on team transactions, including assisting with the recent sale of the Boston Celtics. The Excel investment provides deeper reach into professional leagues and in the display of names, images and likenesses.
Jeff Schwartz, one of the NBA’s top agents, founded Excel Sports Management 20 years ago. Cade Cunningham, Jamal Murray, Tyler Herro and Kevin Love are among Schwartz’s more high-profile NBA clients. In addition to player representation, the agency has expanded into marketing, executive search and advisory services.
“We are impressed with Excel’s position at the heart of the fast-growing sports ecosystem and believe in their continued long-term success,” said Leonard Seevers, partner at Goldman Sachs Alternatives. “Excel benefits from the combination of deep consumer loyalty to sports franchises, leading brands and continued innovation in fan engagement, and we are excited to work with Jeff and the rest of the Excel team to unlock new opportunities in the broader industry.”
Schwartz said the partnership with Goldman Sachs will help Excel reach “our next phase of growth.”
The transaction reflects increased interest in sports representation as player salaries have escalated and NIL has opened college sports pathways. Hollywood agencies entered NBA representation through acquisitions, including WME’s purchase of BDA Sports and UTA’s stake in Klutch Sports in 2019.
Private equity firms have been taking team stakes in leagues over the past five years. The NFL approved private equity ownership in 2024, following similar decisions by the NBA and MLB.
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