Posted by Professional athletes often face criticism for their extravagant spending and financial troubles. However, there are NBA players who have defied this stereotype and found success as entrepreneurs and investors. Let’s explore the stories of ten such players.
- Michael Jordan: One legendary figure is Michael Jordan, widely regarded as the greatest NBA player of all time. Jordan amassed a considerable fortune through lucrative endorsements with brands like Nike, McDonald’s, and Coca-Cola. In 2014, his shoe sales alone generated nearly $3 billion in revenue. Furthermore, as the majority owner of the Charlotte Hornets, Jordan’s investment in the team is now valued at over $400 million. With a net worth of $1.1 billion, he exemplifies astute financial management.
2. David Robinson: A beloved figure in the San Antonio Spurs organization. Robinson co-founded the Admiral Capital Group, a company specializing in real estate investments ranging from $15 million to $100 million. Additionally, he is an investor in Thrive15, an online learning platform focused on entrepreneurship. Robinson’s ventures highlight his business acumen and commitment to nurturing young talents.
3. Earvin “Magic” Johnson: a legendary NBA figure in his own right, has also made significant strides as an investor. In 2011, Johnson joined Detroit Venture Partners, where he has since invested millions of dollars. His generosity extends to providing up to $3 million to each early-stage company. Johnson’s diverse portfolio includes investments in Stylecaster, Sociocast, and FLUD News. Furthermore, he owns Magic Johnson Enterprises, an entertainment company with a chain of theaters that brings major brands to urban areas.
4. Andre Iguodala: A forward for the Golden State Warriors and NBA Finals MVP, proved his entrepreneurial prowess through an investment in Twice, an online marketplace for secondhand clothing and accessories. Iguodala’s timely decision paid off when eBay acquired Twice in July 2015. Additionally, he actively engages with the technology sector, sharing his thoughts on the future of tech at events like TechCrunch Disrupt 2015.
4. LeBron James: One of the most recognizable figures in the NBA, secured a lucrative seven-year, $90 million contract with Nike before even entering the league. Known for his endorsement deals with major brands like Coca-Cola, McDonald’s, and Samsung, James earns approximately $45 million annually from endorsements alone. Demonstrating financial acumen, he formed a close bond with investment guru Warren Buffett. Through smart investment decisions, such as acquiring a stake in Beats by Dre, James earned an estimated $30 million when Apple acquired the company for $3 billion. In addition, Warner Brothers invested $15.8 million in James’ media company, UNINTERRUPTED, in December 2015.
5. Carmelo Anthony: The leading scorer for the New York Knicks, established his own venture capital firm called M7 Tech Partners. Teaming up with Stuart Goldfarb, a seasoned executive from NBC and Bertelsmann, Anthony focuses on investing in wearable technology and connected devices. His passion for technology is evident in his favorite tech products.
6. Steve Nash: A two-time MVP, ventured into the business world as the founder of Consigliere Brand Capital, a New York City-based venture capital firm. Nash’s investments include renowned companies such as Nike, Under Armour, and Vitamin Water. Additionally, he recognized the potential in tech startups like Birchbox, Warby Parker, and Contently.
7. Baron Davis: A former star player for UCLA and the Golden State Warriors, exhibited his investment acumen by participating in seed funding for BloomThat, an on-demand flower delivery startup. Davis joined forces with Ashton Kutcher and Joe Montana, contributing to a total investment round of $7.6 million. These investments position Davis as an astute businessman in the ever-evolving startup landscape.
8. Dwight Howard: A prominent NBA player, joined a group of investors, including fellow player Amar’e Stoudemire, to invest in Tapiture. This “visual discovery marketplace” facilitates the discovery, sharing, and purchase of high-quality products online. The total investment round for Tapiture reached an impressive $2.25 million.
9. Michael Redd: A retired shooting guard and 11-year NBA veteran, transitioned into the world of venture capital. Redd partnered with Ohio-based NCT Ventures as a partner, focusing on investing in early-stage technology companies. Leveraging his extensive local network, Redd aims to contribute to NCT’s fundraising efforts and support promising startups in Ohio.
As technology becomes increasingly accessible, more athletes are likely to explore opportunities in investing and entrepreneurship. These success stories serve as inspiration for others, highlighting the importance of wise financial decisions. By learning from the triumphs of these players, athletes can avoid the pitfalls of financial mismanagement and emulate the achievements of their business-savvy counterparts.