Goldman Sachs has agreed to buy a majority stake in Excel Sports—a talent agency that represents Caitlin Clark, Derek Jeter, and Tiger Woods—in a deal valuing the business at close to $1 billion.
Goldman Sachs Alternatives and Excel Sports Management announced Tuesday that they have agreed to “form a new strategic partnership.” Specifics of the deal, which was rumored late last month, were not disclosed. But two sources familiar with the matter confirmed to Front Office Sports the valuation and that it is for a majority stake.
In Excel, Goldman picks up a New York-based company with a roster of roughly 750 clients. In addition to Clark, Jeter, and Woods, Excel represents NBA stars Nikola Jokić and Jamal Murray, MLB players Kyle Schwarber and Dansby Swanson, NFL quarterback Jared Goff, and more. It also represents brands like Goodyear and Under Armour. It helps athletes negotiate contracts, secure sponsorship deals, and develop social media strategies, among other services.
Jeff Schwartz, who founded Excel Sports in 2002, said in Tuesday’s press release that Goldman Sachs is “an exceptional partner” that will “provide a powerful platform to accelerate Excel’s expansion and enhance the value we deliver to our clients worldwide.”
Los Angeles-based private-equity firm Shamrock Capital is exiting Excel Sports as part of the agreement. It invested in Excel Sports in 2020.
The agreement remains subject to closing conditions, including regulatory approval. No time frame was disclosed for when the transaction is expected to be completed.
Goldman Sachs has done work in the sports field for many years, but it “formalized” its approach in 2023 through the creation of a dedicated sports division within its investment banking platform. That division, called Sports Franchise in Investment Banking, offers wealthy clients the opportunity to invest not only in pro sports teams, but also other entities in sports and entertainment. Goldman Sachs advises on everything from major pro team sales to smaller deals in the sector, with examples including its work advising the Orioles on the team’s 2024 sale and its role representing Endeavor on the blockbuster 2023 deal that united UFC and WWE under one parent.
