Mike Giuffrida: Industry
Welcome! I’m Mike Giuffrida and this is where I’ll be blogging more about the work of a sports agent.
Recently, news of San Antonio Spurs superstar Kawhi Leonard’s former agent suing a sports agency broke out. Sports agent Brian Elfus is suing his former agency for allegedly withholding his commissions. Elfus is suing Impact Sports Basketball LLC and its owner, Mitchell Frankel, A Sports Management Corporation, J&S Sports Funding LLC and its affiliated subsidiaries, claiming he is owed money for negotiating Leonard’s four-year rookie deal with the Spurs and his subsequent five-year $94.3 million deal. Sports agents get a percentage from the deals they make.
As a college student who aspires to be a sports agent after finishing my degree at the University of Connecticut, I find this news important. News like this only highlight the need for young sports agents to look out for themselves as well, as they can be squeezed out and cut off a deal unless they are shrewd enough to recognize it from the get go.
Kawhi Leonard is no longer represented by Brian Elfus but even if the star player has enlisted the services of another sports agent, Elfus is still entitled to his commissions for negotiating on behalf of Leonard.
From the little that is known about the industry, very rarely do cases such as this reach trial. Often, the parties involved opt to settle and Elfus’ case with Impact Sports Basketball is likely headed towards that direction.
Sports agents are entitled to their commissions for the negotiation skills they bring to the table. In the past, players often resorted to having their parents represent them, which only resulted into low compensation packages. Sports agents, however, are knowledgeable about business, marketing, finance, and the law, putting them in a position to win the best deal possible.
Stay tuned to read more industry news by Mike Giuffrida.