Jeff Schwartz, founder and CEO of Excel Sports Management, has publicly criticized the NBA's current financial system following the record-breaking sale of the Los Angeles Lakers.
The Lakers are being sold to Josh Kushner and Bob Iger for more than $12 billion, less than a year after Mark Walter acquired controlling interest in the franchise at a $10 billion valuation. The new transaction is set to establish another record for the sale of a professional sports franchise.
Schwartz used the massive increase in franchise value to question why veteran players are finding it increasingly difficult to secure significant contracts.
"Incredible, the Lakers sell for $12B, yet teams won't spend on older vets because of current CBA rules," Schwartz wrote in a statement shared by Excel Sports Management. "Thank you, Union."
Schwartz takes aim at current NBA financial rules
Schwartz is one of basketball's most prominent agents and represents several notable NBA players through Excel Sports Management. Forbes previously listed Nikola Jokic, Cade Cunningham, Russell Westbrook, and Jamal Murray among the agency's star clients.
His criticism comes as teams continue adapting to the more restrictive financial environment created by the 2023 collective bargaining agreement between the NBA and NBPA. The agreement introduced first and second salary aprons that can significantly limit roster-building options for teams with expensive payrolls.
For the 2026-27 season, the second apron is set at $221.686 million. Teams operating around those thresholds have become increasingly cautious about adding salary, particularly when considering veteran players who may command more than minimum contracts.
Schwartz's "Thank you, Union" remark was a clear criticism of the NBPA's role in agreeing to the current CBA, contrasting the enormous growth in franchise valuations with what he sees as a more restrictive market for veteran players.