A sports agent is an individual who negotiates employment and endorsement deals for an athlete or coach. For his services, the agent receives a commission, which usually runs between 4 and 10 percent. The agent also may assist in public relations and all aspects of his client's finances.
Function
Sports agents can have a number of essential functions. They must negotiate and administer an athlete's or coach's contract as well as his marketing and endorsement contracts. Some agents manage their clients' finances, assist in legal disputes and help set strategy for career and post-career goals. Also, many agents help their clients on a personal level, perhaps arranging for transportation, finding and furnishing a house or apartment for the season or training camp, purchasing cars and assisting the athlete's family.
Types
Some sports agents are part of large agencies such as Octagon and IMG, an agency that represents athletes all over the world. There are also agents who work on their own, such as Scott Boras of Scott Boras Corp. These agents represent athletes in a variety of sports, from major-league baseball and NFL players to athletes in endurance sports, motor sports, golf or skating.
Significance
A number of sports agents make millions of dollars annually. For example, Drew Rosenhaus represents high-profile athletes such as Terrell Owens and Santana Moss of the NFL. Scott Boras represents Alex Rodriguez and is regarded as one of the more-powerful agents in Major League Baseball. David Falk is a semiretired agent who represented NBA stars such as Michael Jordan, Allen Iverson, Patrick Ewing and Dikembe Mutombo. In the 1980s and '90s, he was considered the most influential agent in the NBA.
Consideration
Anyone who is considering sports management as a profession should know that most professional sports leagues require at least a four-year degree and certification. Sports agents must deal with complicated legal terminology in a client's contract. For this reason, many aspiring sports agents study law. Other valuable study programs are finance, marketing, and business management. Many colleges offer sports-management programs.
Benefits/Drawbacks
There is the obvious potential for sports agents to make a lot of money. Once an agent builds up his clientele, he can make hundreds of thousands of dollars annually. However, less than 5 percent of certified agents earn more than $100,000 a year. Agents also get the chance to share the fame with their famous clients while having access to a number of social and sporting events. The major drawback of becoming a sports agent is that an agent gets paid only when his client gets paid. In addition, it may take several years for an agent to build up the clientele to earn enough money to live on.
Tags: Scott Boras, agents make, athlete coach, dollars annually, gets paid