Goldman Sachs Stuns with $1bn Excel Takeover That Puts Tiger Woods, Caitlin Clark and Nikola Jokic Under Its Umbrella

Goldman Sachs has agreed to acquire a majority stake in Excel Sports Management, the talent agency representing sports icons including Tiger Woods, Caitlin Clark, Nikola Jokic and Derek Jeter, in a deal valuing the business at nearly $1 billion, the companies announced on 12 November.

It comes at a time when executive Kathy Ruemmler is embroiled in controversy over leaked Epstein emails.

The Deal

The transaction, which remains subject to regulatory approval, sees Goldman Sachs' Private Equity business take control of the New York-based agency founded in 2002 by Jeff Schwartz. Excel represents approximately 750 clients across baseball, basketball, football and golf, including Jared Goff, Cal Raleigh and Jamal Murray, and also provides services in sponsorship sales, executive searches, brand marketing and event management.

'We have been impressed with Excel's position at the heart of the fast-growing sports ecosystem and believe in their sustained, long-term success', said Leonard Seevers, partner in private equity at Goldman Sachs Alternatives. Financial terms were not disclosed, though multiple reports confirmed the near-$1 billion valuation.

Schwartz and Excel's leadership team will continue running the business. In 2020, Shamrock Capital bought a minority stake in Excel for an undisclosed sum. Goldman Sachs has been expanding its sports work since creating a global investment banking division in 2023, having advised the NFL on media asset sales to ESPN and helped facilitate franchise transactions including the 2024 Baltimore Orioles sale.

Wall Street's Sports Push

The acquisition reflects broader Wall Street interest in the booming sports industry, where media deals and athlete commercial value have surged dramatically. McKinsey projects global sports revenue will surpass $800 billion by 2030, driven by media rights and sports betting. Since 2020, asset managers and private equity investors have invested over $60 billion in sports.

Recent comparable transactions include Creative Artists Agency's $7 billion sale to François-Henri Pinault's family office in 2023 and Silver Lake's $25 billion take-private of Endeavor, which includes talent agency WME, earlier this year. Goldman worked with Moelis & Company as financial adviser and Katten Muchin Rosenman as legal counsel on the Excel transaction.

Ruemmler Controversy

The Excel announcement comes as Goldman Sachs' chief legal officer and general counsel Kathy Ruemmler faces intense scrutiny following the release of thousands of emails between her and convicted sex offender Jeffrey Epstein by the House Oversight Committee on 13 November.

The emails, dating from 2014 to 2019, show Ruemmler, who served as White House counsel under President Barack Obama, exchanging friendly messages with Epstein about political figures including Donald Trump and Bill Clinton whilst discussing travel plans and meeting arrangements. In one 2015 email, Ruemmler wrote that 'Trump is living proof of the adage that it is better to be lucky than smart'.

The Wall Street Journal reported in 2023 that Ruemmler 'had dozens of meetings with Epstein in the years after her White House service and before she became a top lawyer at Goldman Sachs in 2020'. Epstein also planned for her to join a 2015 trip to Paris and a 2017 visit to his private Caribbean island, according to the Journal.

Ruemmler, who previously chaired the white-collar defence and investigations practice at Latham & Watkins before joining Goldman, told the Wall Street Journal in 2023: 'I regret ever knowing Jeffrey Epstein'. The emails were exchanged years after Epstein pleaded guilty in 2008 to prostitution charges involving an underage girl.

Goldman said Epstein introduced Ruemmler to potential legal clients including Bill Gates during her time at Latham, though both Goldman and Latham have stated Epstein was not a client of either firm. Epstein died by apparent suicide in August 2019 whilst awaiting trial on federal sex trafficking charges.